UK retail sales exceeded estimates by a huge margin last Friday (2.6% compared to 0.5% forecast) in some ways dispelling recent doubts surrounding the nation’s economic recovery. Sterling investors took confidence in the figure, as it gave a platform for the pound to spring through resistance at $1.6370 back into the $1.64s. Similarly, against the euro, the pound appreciated strongly after coming under some recent downside pressure below €1.20. Sterling is now tracking fairly firmly above €1.21. A RightMove survey revealed this morning that house asking prices rose 1.0% after dropping 1.9% in December. Sterling was trading at $1.6431 and €1.2130 at 8:19 a.m. in London.
Posted on: Mon, 20 Jan 2014 09:56:41 +0000
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