Pound still weak after poor retail sales

Good Morning. Sterling fell to a 9 month low against the US Dollar last week after a big fall in UK retail sales highlighted weak consumer demand. It may have been the snow in January that caused consumers to stay at home, but the figures do little to spur confidence in the economy, and the pound has fallen as a result.

Already knocked by worse than expected public finances data on Thursday, the pound extended losses on the view that a painfully slow economic recovery and a grim fiscal position would keep sentiment towards the currency negative. Rates @ 08:30am are as follows:

  • GBP/EUR 1.1369
  • GBP/USD 1.5493
  • GBP/AUD 1.7220
  • GBP/NZD 2.2093
  • GBP/CAD 1.6084
  • GBP/JPY 141.875
  • GBP/ZAR 11.860
    EUR/USD 1.3628

Tomorrow morning we’ll have a full report on pound to euro forecasts, pound to US Dollar, and a full breakdown of the weeks data that may affect rates. Until then, you can follow market movements on our twitter page.

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