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Sterling Softens as UK Retail Sales Slide and US Jobs Rebound

Sterling’s negative trend has been noticeable throughout this week. This morning did not help, seeing UK retail sales fall short of expectations and to its previous figures in September. October recorded a pullback of -1.1% for retail sales. This was its first fall since back in May and another economic data release leading to additional pressure for the government. Supermarkets, clothing stores and online shops all saw declines in sales volumes. Two main contributions leading to people holding off spending is the upcoming Autumn budget next week and that consumers are awaiting better deals with the upcoming Black Friday sales. Consumer confidence is lacking right now in the UK and a clear indication that spending habits have cooled down.

Yesterday US released non-farm payroll for the first time since it’s shutdown. The US job market has been under distress and yesterday’s announcement came with a relief for the US and Federal Reserve as it’s recorded an uplift in September of 119k new created jobs, well above expectations of 50k and a strong improvement from its previous month of -4k in August. USD has carried momentum recently and even if figures improve strongly, it did not have the effect we normally see from non-farm payroll. Normally viewed as a very volatile data release, market perhaps kept in mind that this was a release from back in September.

GBP/EUR 1.1319 GBP/USD 1.3060 GBP/AED 4.7995
GBP/AUD 2.0277 GBP/CHF 1.0513 GBP/CAD 1.8405
GBP/NZD 2.3331 EUR/USD 1.1521 GBP/ZAR 22.6279

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