The Great Britain pound attempted to rally against the US dollar today on the back of the very good retail sales report but failed as the greenback surged following the European Central Bank policy meeting. Of course, the sterling gained on the vulnerable euro, which had been hurt by the comments of the ECB President.
UK retail sales grew 1.9 percent in September from August. It was a far bigger increase than 0.3 percent promised by analysts and a far better reading than the 0.4 percent drop in August (revised from the 0.2 percent gain reported initially).
Yesterday, Mark Carney, Governor of Bank of England, commented on dangers of the potential Brexit, though his speech had a limited impact on Britain’s currency.
GBP/USD traded at 1.5407 as of 13:39 GMT today after opening at 1.5418 and rallying to the daily high of 1.5495. EUR/GBP (as well as other euro-crosses) demonstrated the weakness of the euro, falling 1.3 percent from 0.7352 to 0.7250.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.
