Pound Strengthens As U.K. Retail Sales Rise More Than Forecast
16 Agosto 2018 - 8:05AM
RTTF2
The pound advanced against its most major counterparts in early
European deals on Thursday, after a data showed that U.K. retail
sales increased more than expected in July.
Data from the Office for National Statistics showed that retail
sales including auto fuel, rose 0.7 percent month-on-month in July,
in contrast to a 0.5 percent fall in June. Sales were forecast to
increase by 0.2 percent.
Excluding auto fuel, retail sales volume climbed 0.9 percent
over the month, while it was forecast to remain flat.
On a yearly basis, overall retail sales volume growth
accelerated to 3.5 percent in July from 2.9 percent a month ago.
Economists had expected sales to grow at a stable rate of 2.9
percent.
Sales, excluding auto fuel, also grew 3.7 percent annually in
July versus the expected increase of 2.8 percent.
European shares rose as the Turkish lira rallied further ahead
of a presentation by Finance Minister Berat Albayrak to investors
and China said it would hold a fresh round of talks with the United
States later this month, in an effort to diffuse tensions.
The pound rose back to 1.2733 against the greenback, from a low
of 1.2686 hit at 8:15 pm ET. The next likely resistance for the
pound is seen around the 1.30 level.
The U.K. currency remained higher against the yen with the pair
trading at 140.82. This follows a low of 140.21 hit at 8:00 pm ET.
The pound is likely to challenge resistance around the 142.00
level.
Data from the Ministry of Finance showed that Japan recorded a
merchandise trade deficit of 231.2 billion yen in July.
That was shy of expectations for a shortfall of 41.2 billion yen
following the downwardly revised 720.8 billion yen surplus in
June.
The pound edged up to 1.2639 against the franc, reversing from a
low of 1.2605 touched at 8:00 pm ET. If the pound rises further,
1.29 is likely seen as its next resistance level.
On the flip side, the pound declined to a 6-day low of 0.8960
against the euro, following an advance to 0.8933 at 5:00 pm ET. On
the downside, 0.91 is possibly seen as the next support level for
the pound.
Preliminary data from Eurostat showed that euro area trade
surplus decreased for a third straight month in June, albeit
slightly.
The seasonally adjusted trade surplus fell to EUR 16.7 billion
from EUR 16.9 billion in May. Economists had expected the figure to
remain unchanged at May's level.
Looking ahead, Canada manufacturing sales for June, U.S. housing
starts and building permits for July and weekly jobless claims for
the week ended August 11 are scheduled for release in the New York
session.
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