Pound Strengthens After U.K. Retail Sales Data
May 21 2015 - 04:52AM
RTTF2
The pound climbed against the other major currencies on
Thursday's European deals, after data showed that U.K. retail sales
recovered at a faster-than-expected pace on non-food store sales in
April.
Data from the Office for National Statistics showed that the
volume of retail sales including auto fuel expanded 1.2 percent
month-on-month reversing a 0.7 percent fall in March. Sales were
expected to grow 0.4 percent.
Likewise, excluding auto fuel, sales increased 1.2 percent after
staying flat in March. Economists had forecast a 0.2 percent rise
for April.
The pound rose to a 2-day high of 1.5643 versus the dollar,
while approaching 189.20 versus the yen, its highest level since
December 8.
Reversing from early lows of 1.4519 against the franc and 0.7166
against the euro, the pound edged up to 1.4593 and 0.7128,
respectively.
The next possible upside target for the pound may be seen around
1.58 against the greenback, 192.00 against the yen, 1.50 against
the franc and against the euro.
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