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Forex News: Pound Advances As U.K. Retail Sales Rebound

Pound Advances As U.K. Retail Sales Rebound

05/24/2018 - 05:28:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Thursday, as U.K. retail sales grew at a faster than expected pace in April after declining last month.

Figures from the Office for National Statistics showed that retail sales volume, including auto fuel, expanded 1.6 percent month-on-month, in contrast to a 1.1 percent fall in March. Sales were forecast to climb 0.9 percent.

Excluding auto fuel, retail sales volume increased 1.3 percent, reversing a 0.5 percent drop in March. Economists had expected a 0.5 percent rise.

On a yearly basis, retail sales including auto fuel, rose 1.4 percent in April after expanding 1.3 percent in March. Excluding auto fuel, sales volume advanced 1.5 percent versus 1.3 percent rise a month ago.

Meanwhile, European shares are trading mixed amid weak data releases and renewed concerns over China-US trade.

The currency showed mixed trading against its major rivals in the Asian session. While it held steady against the franc and the euro, it fell against the yen. Against the greenback, it rose.

The pound advanced to 0.8748 against the euro, after falling to 0.8778 at 4:00 am ET. The next possible resistance for the pound is seen around the 0.86 level.

Survey data from market research group GfK showed that Germany's consumer confidence is set to weaken in June.

The forward-looking consumer sentiment index dropped by 0.1 points to 10.7 in June. The score was forecast to remain at 10.7.

The pound rose to 1.3422 against the greenback, following a decline to 1.3340 at 5:00 pm ET. Next key resistance for the pound is likely seen around the 1.36 level.

Reversing from an early low of 146.10 against the yen, the pound appreciated to 147.27. The pound is poised to challenge resistance around the 150.00 level.

Data from the Cabinet Office showed that Japan's leading weakened more than initially estimated in March.

The leading index, which measures the future economic activity, dropped to 104.4 in March from 105.9 in February. The flash score for March was 105.0.

The pound climbed to 1.3317 against the Swiss franc, from a low of 1.3260 hit at 4:00 am ET. The pound is likely to find resistance around the 1.36 level.

Looking ahead, at 7:30 am ET, the European Central Bank publishes the accounts of the monetary policy meeting of the Governing Council held on April 25-26.

In the New York session, U.S. weekly jobless claims for the week ended May 19, house price index for March and existing home sales for April are due.

Atlanta Fed President Raphael Bostic will deliver speech at a research event on technology-enabled economic disruptions, co-hosted by the Atlanta Fed and Dallas Fed in Dallas at 10:35 am ET.

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