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Forex News: Pound Bounces Off As U.K. Retail Sales Improve

Pound Bounces Off As U.K. Retail Sales Improve

11/16/2017 - 05:43:00 (RTTNews)

(RTTNews) - The pound reclaimed its lost ground against its major counterparts in early European deals on Thursday, after a data showed that the nation's retail sales grew more than forecast in October.

Data from the Office for National Statistics showed that retail sales increased 0.3 percent in October from September, slightly faster than the expected 0.2 percent.

Excluding auto fuel, sales volume grew only 0.1 percent. Economists had forecast sales to remain flat.

On a yearly basis, overall retail sales volume fell 0.3 percent on month, reversing a revised 1.3 percent rise in September. Sales were forecast to drop 0.5 percent.

Likewise, excluding auto fuel, retail sales dropped 0.3 percent in contrast to September's 1.6 percent increase. Economists had forecast a 0.4 percent decrease.

European shares rose, with banks and automakers leading the surge, as oil held steady, the dollar rebounded from four-week lows and investors kept an eye on U.S. tax reform developments.

The currency held steady against its major rivals in the Asian session, with the exception of the yen.

The pound bounced off to 0.8937 against the euro, from a low of 0.8967 hit at 2:15 am ET. This may be compared to a 2-day high of 0.8934 set at 5:45 pm ET. Continuation of the pound's uptrend may see it challenging resistance around the 0.88 region.

The pound reversed from an early low of 1.3010 against the franc, rising to a 4-day high of 1.3062. If the pound extends rise, 1.32 is likely seen as its next resistance level.

The pound edged up to 149.17 against the Japanese yen, off its early low of 148.52. The pound is seen finding resistance around the 151.00 mark.

The pound rose back to 1.3183 against the greenback, compared to previous session's decline to 1.3135. On the upside, 1.33 is likely seen as its next resistance level.

Looking ahead, U.S. weekly jobless claims for the week ended November 11, industrial production and export and import prices for October and NAHB housing market index for November as well as Canada manufacturing sales for September and ADP employment report for October are set for release in the New York session.

At 9:00 am ET, the Bank of England officials Mark Carney, Ben Broadbent, Jon Cunliffe, Jo Place, Dave Ramsden and Sam Woods will speak at Future Forum in St. George's Hall Liverpool.

At 12:00 pm ET, SNB board member Andrea Maechler delivers a speech titled "Capital market developments and Swiss monetary policy" at the SNB's Money Market Event, in Geneva.

The Federal Reserve Governor Lael Brainard speaks about financial technology at the Third Annual Financial Stability Conference hosted by the University of Michigan at 3:45 pm ET.

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