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GBP Holds Firm Despite Retail Sales Dip and Ongoing Middle East Tensions

UK retail sales contracted by -0.4% month-on-month but GBP is for now holding strong against its peers. Forecasted suggested a contraction of -0.7% from its previous number of 2%, indicating a stagnated retail sales sector. With the ongoing conflict in the Middle East pushing oil and gas prices to higher levels, there is likely that the retail sector will continue to see lack of foot traffic and spending power.

This afternoon we have consumer sentiment and US retail inventories being released. Consumer sentiment can set a tone of the economic landscape moving forward. With consumer sentiment being an indicator of how households are viewing their financial situation. Forecasting is suggesting a slight drop from 56.6 to 54, which is still regarded as positive above the important benchmark of 50.

The latest from Middle East is that Donald Trump has extended his deadline by 10 days until the 6^th of April. US has given Iran an ultimatum to get involved in peace talks to find a solution of the ongoing conflict. Markets has seen this as a sign of relief of geopolitical tensions and breathing room.

GBP/EUR 1.1547 GBP/USD 1.3302 GBP/AED 4.8886

GBP/AUD 1.9297 GBP/CHF 1.0595 GBP/CAD 1.8429
GBP/NZD 2.3073 EUR/USD 1.1508 GBP/ZAR 22.8219

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