FOREX TradingCharts.com

Forex News: Pound Slides As U.K. Retail Sales Fall Unexpectedly

Pound Slides As U.K. Retail Sales Fall Unexpectedly

02/17/2017 - 05:04:00 (RTTNews)

(RTTNews) - The British pound weakened against the other major currencies in the early European session on Friday, after data showed that U.K. retail sales declined unexpectedly in January.

Data from the Office for National Statistics showed that U.K. retail sales including automotive fuel dropped 0.3 percent month-on-month in January, following a 2.1 percent fall in December. Sales were expected to grow 1 percent.

Excluding automotive fuel, the retail sales volume slid 0.2 percent, confounding expectations for an increase of 0.7 percent. Nonetheless, the pace of decline was slower than December's 2.2 percent decrease.

Year-on-year, retail sales growth eased sharply to 1.5 percent from 4.1 percent a month ago. The annual growth was expected to slow moderately to 3.4 percent.

Excluding auto fuel, retail sales growth came in at 2.6 percent versus 4.7 percent in December and the expected rate of 3.9 percent.

Meanwhile, the European stock markets traded lower, extending its early losses from the Asian session. In the Asian trading today, the pound had risen slightly against its major rivals.

In the early European trading, the pound fell to an 8-day low of 140.16 against the yen and a 2-day low of 1.2408 against the U.S. dollar, from early highs of 141.94 and 1.2511, respectively. If the pound extends its downtrend, it is likely to find support around 137.00 against the yen and 1.22 against the greenback.

Against the euro and the Swiss franc, the pound dropped to 10-day lows of 0.8582 and 1.2394 from early highs of 0.8519 and 1.2488, respectively. The pound may test support near 0.87 against the euro and 1.25 against the franc.

Looking ahead, Canada foreign securities purchases data for December and U.S. Baker Hughes rig count data are slated for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Euro Rises Against Majors (10 min(s), 37 sec(s) ago)
(RTTNews) - The euro strengthened against the other major currencies in the European session on Fr ...Full Story»

Pound Little Changed After BBA Mortgage Approvals (34 min(s), 36 sec(s) ago)
(RTTNews) - At 5:30 am ET Friday, British Bankers' Association released mortgage approvals fig ...Full Story»

Pound Falls Ahead Of BBA Mortgage Approvals (40 min(s), 36 sec(s) ago)
(RTTNews) - At 5:30 am ET Friday, British Bankers' Association releases mortgage approvals fig ...Full Story»

Euro Little Changed After Eurozone PMI (01 hr(s), 04 min(s), 36 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, IHS Markit published euro area PMI for March. After the da ...Full Story»

Euro Mixed Ahead Of Eurozone PMI (01 hr(s), 10 min(s), 37 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, IHS Markit publishes euro area PMI for March. The composite PMI ...Full Story»

Euro Little Changed After German PMI (01 hr(s), 34 min(s), 36 sec(s) ago)
(RTTNews) - At 4:30 am ET Friday, Germany's PMI data for March was released. After the d ...Full Story»

Euro Mixed Ahead Of German PMI (01 hr(s), 40 min(s), 36 sec(s) ago)
(RTTNews) - At 4:30 am ET Friday, PMI data for Germany is due. The factory PMI is forecast to drop ...Full Story»

Antipodean Currencies Fall Amid Oil Prices Slide (04 hr(s), 04 min(s), 36 sec(s) ago)
(RTTNews) - Antipodean currencies such as the Australian and the New Zealand dollars weakened agai ...Full Story»

Search

FOREX NEWS

Euro Rises Against Majors

03/24/2017 - 05:58 AM (RTTNews)
(RTTNews) - The euro strengthened against the other major currencies in the European session on Fr ...Full Story>>

Pound Little Changed After BBA Mortgage Approvals

03/24/2017 - 05:34 AM (RTTNews)
(RTTNews) - At 5:30 am ET Friday, British Bankers' Association released mortgage approvals fig ...Full Story>>

Pound Falls Ahead Of BBA Mortgage Approvals

03/24/2017 - 05:25 AM (RTTNews)
(RTTNews) - At 5:30 am ET Friday, British Bankers' Association releases mortgage approvals fig ...Full Story>>

Euro Little Changed After Eurozone PMI

03/24/2017 - 05:00 AM (RTTNews)
(RTTNews) - At 5:00 am ET Friday, IHS Markit published euro area PMI for March. After the da ...Full Story>>

Euro Mixed Ahead Of Eurozone PMI

03/24/2017 - 04:55 AM (RTTNews)
(RTTNews) - At 5:00 am ET Friday, IHS Markit publishes euro area PMI for March. The composite PMI ...Full Story>>
These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.