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Forex News: Pound Slides As UK Retail Sales Drop More

Pound Slides As UK Retail Sales Drop More Than Forecast

10/19/2017 - 05:11:00 (RTTNews)

(RTTNews) - The pound fell against its major rivals in early European deals on Thursday, as UK retail sales declined more than expected in September.

Data from the Office for National Statistics showed that retail sales including auto fuel, dropped 0.8 percent month-on-month in September, reversing a 0.9 percent rise in August.

This was the first fall in four months and the biggest since March. Sales were forecast to drop marginally by 0.2 percent.

Likewise, retail sales volume excluding auto fuel slid 0.7 percent, in contrast to August's 0.9 percent increase. Economists had forecast a 0.1 percent fall for September.

On a yearly basis, growth in retail sales, including auto fuel, slowed to 1.2 percent in September from 2.3 percent in August. This was also weaker than the expected 2.1 percent.

Excluding auto fuel, retail sales climbed 1.6 percent, slower than the 2.6 percent increase seen in August. The expected growth rate was 2.2 percent.

Further weighing on the currency was risk aversion, as Spanish political turmoil dampened risk sentiment.

The pound rose against its major rivals in the Asian session, with the exception of the euro.

The pound slipped to a weekly low of 0.8974 against the euro, after having advanced to 0.8924 at 5:00 pm ET. If the pound extends slide, 0.91 is possibly seen as its next support level.

Reversing from an early 2-day high of 1.3228 against the greenback, the pound hit a weekly low of 1.3131. Continuation of the pound's downtrend may see it challenging support around the 1.30 region.

The pound fell to a weekly low of 1.2857 against the franc, off early 2-day high of 1.2964. Further weakness may take the pound to a support around the 1.27 mark.

Data from the Federal Customs Administration showed that Switzerland's foreign trade surplus increased in September, as imports fell faster than exports.

The trade surplus climbed to CHF 2.9 billion in September from CHF 2.2 billion in August.

The pound, having advanced to a new 2-week high of 149.44 against the yen at 2:30 am ET, reversed direction and dropped to 147.90. The next possible support for the pound-yen pair is seen around the 147.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity recovered in August.

The all industry activity index edged up 0.1 percent month-on-month in August, offsetting a 0.1 percent fall in July. However, the pace of growth was weaker than the expected 0.2 percent.

Looking ahead, U.S. weekly jobless claims for the week ended October 14 and leading indicators for September are set for release in the New York session.

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