Pound Surges As U.K. Retail Sales Rise Unexpectedly
18 Ottobre 2024 - 7:18AM
RTTF2
The British pound strengthened against other major currencies in
the European session on Friday, after data showed that U.K. retail
sales logged an unexpected growth in September on higher sales of
technology products.
Positive retail sales statistics may impact conjecture over the
Bank of England (BoE) rate-cut trajectory.
Data from the Office for National Statistics showed that U.K.
retail sales grew 0.3 percent on month in September, confounding
expectations for a 0.3 percent fall. This marked the third
consecutive increase. Sales had increased 1.0 percent in August and
0.8 percent in July.
Similarly, retail sales, excluding auto fuel gained at a slower
pace of 0.3 percent after rising 1.1 percent a month ago. Sales
were forecast to fall 0.3 percent.
In September, retail sales advanced 3.9 percent from the last
year, the strongest since February 2022. Sales were forecast to
climb 3.2 percent after an increase of 2.3 percent in August.
Excluding auto fuel, retail sales grew 4.0 percent, following a
2.2 percent rise in the previous month.
European stock markets traded higher after the European Central
Bank (ECB) cut its deposit rate by 25 basis points to 3.25 percent,
citing sluggish economic growth and easing inflation.
According to its quarterly survey of professional forecasters,
the ECB sees inflation falling to 1.9 percent in 2025 from a
previous forecast of 2 percent. The projections for 2024 and 2026
were kept unchanged at 2.4 percent and 1.9 percent.
The British sterling held steady against its major counterparts
in the Asian trading today.
In the European trading now, the pound rose to a 2-1/2-year high
of 0.8295 against the euro and nearly a 3-month high of 196.06
against the yen, from early lows of 0.8328 and 195.04,
respectively. If the pound extends its uptrend, it is likely to
find resistance around 0.81 against the euro and 200.00 against the
yen.
Against the Swiss franc and the U.S. dollar, the pound advanced
to nearly a 3-week high of 1.1320 and a 2-day high of 1.3072 from
early lows of 1.1269 and 1.3011, respectively. The pound may test
resistance around 1.15 against the franc and 1.35 against the
greenback.
Looking ahead, U.S. building permits for September, housing
starts for September and U.S. Baker Hughes oil rig count data are
slated for release in the New York session.
Grafico Cross Sterling vs US Dollar (FX:GBPUSD)
Da Ott 2024 a Nov 2024
Grafico Cross Sterling vs US Dollar (FX:GBPUSD)
Da Nov 2023 a Nov 2024
