Blog


Retail Sales Above Forecast

Sterling gained nearly half a percent against a weakened dollar today, as traders prepared for British retail sales data and the Bank of England’s interest rate decision.

Analysts put most of the pound’s buoyancy down to dollar weakness, with the U.S. currency struggling after the Federal Reserve struck a more dovish tone on monetary policy than in previous months.

The Fed have said they will definitely do 2 rate rises next year instead of the 3 they had planned.

Worries about Prime Minister Theresa May’s ability to win parliamentary approval for her Brexit deal in January continue to weigh on the pound and will almost certainly keep the Bank of England from changing its monetary stance.

The BoE rate decision is due at 1200 GMT.

According to a poll of analysts, retail sales was expected to have grown 0.3 percent month-on-month in November. However official figures show a growth of 1.2%. Also, growth of 3.8% year on year.

This strong data had no positive impact on the pound. Brexit is overshadowing any economic news.

 

Leave a Reply

Your email address will not be published.

What's Going On?

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd Payment and Foreign Currency Exchange Services are provided by Currency Cloud Limited and Equals Connect Limited. Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199. Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508). Payment services for Currencies 4 You Ltd are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB). Licence No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951. | Terms and Conditions | Privacy Statement | Careers