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Thu 24 Aug 2017 07:33 GMT

GBP USD Strengthens Following Upbeat CBI Retail Data

Published: 27 Jul at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Sterling

The Pound (GBP) rallied against the majority of its peers in trade today as the CBI published some upbeat data regarding the UK’s recent retail sales growth.

The CBI reported a notable uptick in the pace of the UK’s retail sales growth in the year to July as the warmer weather helped to drive seasonal grocery and clothing sales, with the Distributive Trades index jumping from 12 to 22 in July.

However Sterling could be forced to cede some of its recent gains on Friday with the release of Britain’s latest Consumer Confidence survey as analysts predict that a further fall in real wages in likely to weigh on household sentiment in July.

Euro

The Pound Euro (GBP EUR) exchange rate struck a new weekly high today following the release of the CBI Distributive Trades data.

Meanwhile the single currency struggled to advance today despite Germany’s latest consumer confidence index rising from 10.6 to 10.8 in August as households sentiment rises amidst a continued uptick in employment.

The Euro may retreat further tomorrow however with the release of Germany’s latest CPI figures, with inflation expected to have slipped from 1.6% to 1.5% in July.

US Dollar

Sterling was able to stabilise close to a 10-month high against the US Dollar (USD) during Thursday’s session as markets remain gloomy after the Federal Reserve struck a more cautious tone in its inflation outlook in yesterday’s monetary policy meeting.

However the ‘Greenback’ was able to find some respite in the afternoon following the release of the latest US Durable Goods Orders as they rocketed up from -0.1% to 6.5% in June.

The US Dollar is also likely to mount a recovery on Friday as the US releases its latest estimate for its second quarter GDP, with growth expected to have jumped from 1.4% to 2.6% in the three months to June.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate struck a new weekly high today as the combination of upbeat retail sales growth in the UK and falling oil prices weighing on the ‘Loonie’, helped the pairing to surge.

Australian Dollar

Sterling mounted a major recovery against Australian Dollar (AUD) on Thursday, rallying over a cent from the pairings worst level this week after the CBI reported better than expected retails sales growth in the UK in July.

New Zealand Dollar

The Pound New Zealand Dollar (GBP NZD) exchange rate painted a similar picture to GBP AUD today, with Sterling recouping some of its recent losses as the CBI reported an uptick in UK retail sales volumes.

As of Thursday, 27th July 2017, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1186, GBP USD exchange rate was 1.3073, GBP AUD exchange rate was 1.6396, GBP NZD exchange rate was 1.744, and GBP CAD exchange rate was 1.6406.
Laura Parsons About Author: (363 Posts)Laura works in the financial sector as a currency analyst, studying the latest global economic developments and assessing their impact on the foreign exchange market. Laura uses her currency knowledge to write articles focussing on market movements and trends for several independent financial websites.

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