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UK economy posts strong retail sales figures

Published on 9 February 2017 in News - Pages by Raffick Marday

UK economy posting stronger retail sales figures

Bank Exchange Rates Daily Currency update Pound Sterling

The Pound made gains against a basket of currencies yesterday thanks to the UK economy posting stronger-than-expected retail sales figures. The Pound advanced against 13 of its 16 major peers after economists said the data added to evidence that Britain’s economy may have shrunk less in the second quarter than the 0.7% contraction previously estimated by the Office for National Statistics. The Pound gained 0.4% to $1.5743 against the Dollar after weakening by as much as 0.3%. It jumped to as high as $1.574, its highest level since July 30th. Against the Euro, Sterling weakened 0.2 % to 78.50 pence, after reaching 78.13 pence, the strongest level since July 31.

Currently, the Pound is trading in the region of 1.272 against the Euro and 1.570 against the US Dollar.

US Dollar

The ‘Greenback’ is holding close to the one-month high against the Japanese Yen but has made losses against the Euro as demand for riskier currencies rose following a speech by German Chancellor Angela Merkel in support of the embattled single currency. The Dollar also posted losses against the Pound following the positive retail sales data out of the country.

Currently, the Dollar is trading in the region of 0.636 against the Pound and 0.809 against the Euro.

The Euro

The Euro has struck a six-week high against the Japanese Yen and has made gains against all 16 of its major counterparts after Germany signalled its support for the European Central Banks approach to resolving the Euro crisis. The Chancellor’s words will ease doubts that the ECB’s proposals to start re-buying debt-ridden nations sovereign debt not coming to fruition. Merkel told the Canadian press that her country is committed to doing everything it can to maintain the Euro and renewed her call for fiscal discipline; her words saw demand for riskier currencies increase as investor confidence rose.

Currently, the Euro is trading in the region of 1.234 against the US Dollar and 0.786 against the British Pound.
Australian Dollar

The ‘Aussie’ is trading close to a 3-1/2 month high against the Japanese and trading up against most of its peers as demand for riskier commodity based currencies increased. The German stance on the ECB bailout plans and cooled expectations that the US Federal Bank will implement further monetary both contributed to the currencies strengthening. The ‘Aussie’ is expected to lose its upward momentum thanks to technical selling and is on course to make its first monthly loss since June.

Currently, the Australian Dollar is trading in the region of 0.847 against the Euro, 1.047 against the US Dollar and 0.666 against the British Pound.

New Zealand Dollar

The ‘Kiwi’ has followed its Australian cousin in reaching close to a 3-1/2 month against the Japanese Yen. The New Zealand Dollar poised for 0.5% weekly decline as the state of the US economy lowered expectations for a third round of money printing by the Federal Reserve. The currency rallied in early morning trading as demand for commodity-based currencies increased on the back of Angela Merkel’s boost to the Euro.

Currently, the New Zealand Dollar is trading in the region of 0.655 against the Euro, 0.809 against the US Dollar and 0.515 against the British Pound.

Canadian Dollar

The ‘Loonie’ rose to its strongest level in three months against the US Dollar yesterday and reached a record peak against the Euro. The rises came after the German Chancellor voiced support for the ECB’s crisis-fighting strategy. Merkel’s remarks raised the prospect that the ECB might soon buy the sovereign debt of debt-ridden nations. The currency, however, is set to weaken slightly against the US Dollar as hopes that the Federal Reserve will implement further monetary easing measures fell.

Currently, the Canadian Dollar is trading in the region of 0.820 against the Euro, 1.012 against the US Dollar and 0.644 against the British Pound

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