News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Unexpected Spike in UK Retail Sales Sparks Cable Rally

Unexpected Spike in UK Retail Sales Sparks Cable Rally

David Schutz,

THE TAKEAWAY: UK retails sales improve -> cooling inflation seen to reduce squeeze on consumers -> Cable jumps about 50 points on the news…

UK retails sales beat expectations for the second month in a row as consumers found an appetite for household goods and furniture. Monthly retail sales (excluding auto fuel) grew by 1.2% in January, well above the median forecast which was -0.3%. Retailers sold 1.9% more than this time last year.

Bank of England governor King this week referenced cooling inflation as a boost for consumers in the UK. King added that the economy is expected to “gradually” recover its losses this year as global markets attempt to regain steam after the European debt crisis.

Unexpacted_Spike_in_UK_Retail_Sales_Sparks_Cable_Rally_body_BOE.png, Unexpected Spike in UK Retail Sales Sparks Cable Rally

Cable jumped by about 50 points as news of the increased retail sales helped market confidence.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES