Pound Rises On Strong UK Retail Sales Data
22 Dezember 2023 - 4:50AM
RTTF2
The British pound strengthened against other major currencies in
the pre-European session on Friday, after data showed that the
nation's retail sales rose more-than-expected in November.
Data from the Office for National Statistics showed that the
British retail sales advanced 1.3 percent on month in November
following a revised nil growth in October. Excluding auto fuel,
retail sales growth accelerated to 1.3 percent from 0.2
percent.
Driven by earlier Black Friday sales and wider discounting,
non-food store sales advanced 2.3 percent. Food store sales moved
up 0.8 percent. Automotive fuel sales gained 0.6 percent as fuel
prices fell. The contribution of non-store retailing rounded to
zero, data showed.
On a yearly basis, retail sales posted a marginal growth of 0.1
percent, reversing a 2.5 percent decrease in October. Excluding
auto fuel, retail sales gained 0.3 percent, in contrast to the 2.1
percent drop a month ago.
The ONS also reported that the UK economy contracted in the
third quarter due to the fall in the service sector. Gross domestic
product shrank 0.1 percent sequentially in the third quarter, which
was revised down from the flat growth estimated initially.
In output terms, data showed that there was a 0.2 percent drop
in the services sector, which offset a 0.4 percent rise in
construction output and a 0.1 percent gain in the production
sector.
Another data from the ONS showed that the current account
deficit narrowed to GBP 17.18 billion in the third quarter from GBP
23.96 billion in the second quarter.
In the Asian session today, the sterling held steady against its
major rivals.
In the pre-European trading, the pound rose to a 2-day high of
1.2715 against the U.S. dollar, from yesterday's closing value of
1.2688. If the pound extends its uptrend, it is likely to find
resistance around the 1.28 region.
Against the euro, the Swiss franc and the yen, the pound
advanced to 0.8650, 1.0895 and 180.96 from yesterday's closing
quotes of 0.8673, 1.0862 and 180.30, respectively. On the upside,
0.85 against the euro, 1.10 against the franc and 185.00 against
the yen are seen as the next resistance level for the pound.
Looking ahead, Canada GDP data for November, Canada budget
balance report for October, Canada manufacturing and wholesale
sales for November and U.S. building permits for November, U.S.
durable goods order for November, personal income and spending data
for November, U.S. University of Michigan consumer sentiment for
November and U.S. Baker Hughes oil rig count data are slated for
release in the New York session.
Euro vs Sterling (FX:EURGBP)
Forex Chart
Von Jun 2024 bis Jul 2024
Euro vs Sterling (FX:EURGBP)
Forex Chart
Von Jul 2023 bis Jul 2024