Forex - Pound gets fillip from strong retail sales data |
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Thu, 18 Oct 2007 09:46
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LONDON (Thomson Financial) - The pound got an early fillip from robust UK retail sales figures which weighed on expectations of a Bank of England rate cut in November.Today's data went against the run of play. A dovish set of minutes from the BoE yesterday had shortened the odds of a November rate cut to 5.50 pct from a six-year high of 5.75 pct at present.At 9.46 am, the pound was at 2.0452 usd, up from 2.0413 ahead of the data.The UK high street enjoyed buoyant sales during September, with the annual growth rate climbing to its highest level for three years.The Office for National Statistics reported that retail sales in September rose 6.3 pct from a year ago, the highest rise since September 2004 and above analyst expectations for a 5.6 pct increase. In August sales rose 4.8 pct year-on-year, revised down from the earlier estimate of 4.9 pct.sivakumar.sithraputhran@thomson.comss/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Forex - Dollar stays on back foot; G7 meeting eyed 