Pound Falls Amid Weak U.K. Retail Sales Data, China Crackdown Worries
2021年8月20日 - 3:54PM
RTTF2
The pound depreciated against its major counterparts in the
European session on Friday, as U.K. retail sales fell unexpectedly
in July and risk sentiment dampened on China's continued crackdown
on the tech companies and worries about the spread of the Delta
variant of Covid-19.
Data from the Office for National Statistics showed that retail
sales fell 2.5 percent in July, following a 0.2 percent rise in
June. Sales were forecast to grow 0.4 percent.
Excluding auto fuel, retail sales dropped 2.4 percent, after a
flat reading in June. Economists had expected a growth of 0.3
percent.
European shares extended its previous session's sell-off amid
uncertainty over the spread of the coronavirus and the Fed's taper
plans.
Also, a rout in Chinese technology giants deepened after Chinese
authorities passed a major data protection law, along the lines of
Europe's Global Data Protection Regulation, making it harder and
costlier for tech firms in China to access and use consumer
information.
The pound slipped to more than 4-week lows of 149.18 against the
yen and 1.3609 against the greenback, down from its early highs of
149.88 and 1.3641, respectively. On the downside, 145.00 and 1.34
are possibly seen as its next support levels against the yen and
the greenback, respectively.
The pound eased off from its prior highs of 0.8549 against the
euro and 1.2529 against the franc, falling to a 4-week low of
0.8583 and more than a 6-month low of 1.2472, respectively. The
pound is likely to test support around 0.88 against the euro and
1.23 against the franc, if it drops further.
Looking ahead, Canada retail sales for June and new housing
price index for July will be published in the New York session.
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