The pound sold off modestly on the report, but the losses were short-lived. Instead, some traders are latching onto the rumored leak of the BRC retail sales data. According to unconfirmed reports by the Sunday Telegraph, retail sales for the month of November increased 0.3%. If this report becomes confirmed in tomorrow’s release, it would be a sharp rise from the -0.2% fall reported in October. Later this week, the Bank of England is slated to meet to discuss possible changes to monetary policy. After lowering rates back in August, the central bank is expected to stay on hold for the remainder of the year. As such, it remains quite questionable as to what is really fueling the current sterling rally.
The British Pound Charges Higher
Mon Dec 05 22:13:00 GMT 2005
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