Pound Falls After UK Retail Sales Growth Slows
2018年2月16日 - 04:29PM
RTTF2
The pound weakened against its most major counterparts in the
European session on Friday, as UK retail sales grew less than
expected in January.
Figures from the Office for National Statistics showed that
retail sales rose 0.1 percent month-on-month in January, reversing
a 1.4 percent drop in December. Economists had forecast a 0.5
percent rise.
Sales, excluding auto fuel, also grew only 0.1 percent,
following December's 1.5 percent decrease. Sales were expected to
gain 0.6 percent.
Including auto fuel, retail sales volume increased 1.6 percent
year-on-year in January, faster than the 1.5 percent growth logged
in December but weaker than the expected 2.5 percent.
Excluding auto fuel, retail sales growth improved to 1.5 percent
from 1.3 percent in the previous month. Economists were expecting a
faster 2.4 percent expansion.
The currency traded mixed against its major rivals in the Asian
session. While it held steady against the euro and the franc, it
fell against the yen. Against the greenback, it rose.
The pound declined to a 2-day low of 1.2965 against the franc,
from a high of 1.3011 hit at 9:00 pm ET. If the pound falls
further, it may find support around the 1.28 level.
The pound reversed from an early 11-day high of 1.4145 against
the greenback, falling to 1.4059. The next likely support for the
pound is seen around the 1.38 area.
The pound dropped to 149.13 against the yen, following an
advance to 149.96 at 8:00 pm ET. The pound is seen finding support
around the 147.00 mark.
On the flip side, the pound reclaimed some of its lost ground
against the euro with pair trading at 0.8876. This may be compared
to a low of 0.8889 hit at 4:45 am ET. On the upside, 0.87 is likely
seen as the next resistance for the pound.
Data from Destatis showed that Germany's wholesale price
inflation accelerated slightly in January, after easing in the
previous three months.
Wholesale prices climbed 2.0 percent year-over-year in January,
faster than the 1.8 percent rise in December.
Looking ahead, U.S. housing starts, building permits and import
price index for January and University of Michigan's preliminary
consumer sentiment for February as well as Canada manufacturing
sales for December will be out in the New York session.
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