Forex - Pound strengthens after robust UK retail sales data |
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Thu, 22 Mar 2007 10:59
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LONDON (AFX) - The pound rose against other major currencies after stronger-than-expected UK retail sales data for February.Retail sales were shown to have risen 1.4 pct from January to February, well above the 0.8 pct gain expected by analysts. On a year-on-year basis, retail sales grew by 4.9 pct, above forecasts for a more modest 4.0 pct rate.Furthermore, January's large 1.8 pct monthly drop registered a month ago was revised to only a 1.5 pct drop.The pound jumped to 1.9718 usd after the data, from 1.9675 before. It also gained ground on the euro, which weakened to 0.6775 stg from 0.6792 stg.carlo.piovano@thomson.comcp/cp/amCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Forex - Pound well-bid but vulnerable to disappointment in retail sales data 