Pound Sterling – UK Markets Sterling remained a beneficiary of downbeat investor confidence data in the Eurozone versus the Euro yesterday, while resuming its good run versus the US Dollar amid continued political stalemate in the US. In overnight macro releases, the BRC reported that like-for-like sales in the UK grew at a slower-than-expected pace for September, as warm weather weighed on the demand for autumn clothing. This has limited the upside in the Pound against the majors this morning. Despite the recent spate of tepid economic data from the UK, there is growing belief that the economy is gathering momentum, as the BCC indicated that factories in Britain are in the midst of a "growth spurt", thereby hinting at a possible upgrade of the GDP forecast in the near term. Meanwhile, the housing sector continues to perform well ...
Posted on: Tue, 08 Oct 2013 10:01:19 +0000
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