FOREX TradingCharts.com

Forex News: Pound Rises Amid Encouraging U.K. Retail Sales Data,

Pound Rises Amid Encouraging U.K. Retail Sales Data, Brexit Deal Hopes

09/18/2020 - 06:27:00 (RTTNews)

(RTTNews) - The pound advanced against its major rivals in the European session on Friday, as U.K. retail sales rose for the fourth consecutive month in August and fresh Brexit hopes overshadowed worries about the the possibility of a negative interest rate policy by the Bank of England in coming months.

Data from the Office for National Statistics showed that UK retail sales continued to grow in August but the pace of expansion slowed markedly.

Retail sales volume increased 0.8 percent month-on-month in August, but slower than July's 3.7 percent increase. Sales were forecast to climb 0.7 percent. This was the fourth consecutive rise in volume.

European Commission President Ursula von der Leyen said that a trade deal remained possible with the U.K. before the looming deadline.

The commission president's comments eased worries over securing a fresh trade deal between the U.K. and the EU.

The gains remained limited due to the Bank of England's signal to cut interest rates to negative in coming months.

The BOE hinted at negative rates on Thursday citing uncertainty over the risks arising from the coronavirus pandemic and Brexit.

The bank said that it had discussed the effectiveness of negative interest rates due to uncertain growth outlook and the possibility of higher unemployment.

The pound recovered to 0.9121 against the euro, from a low of 0.9153 set at 10:45 pm ET. The pound is seen finding resistance around the 0.88 mark.

Preliminary data from the Federal Statistical Office showed that German producer prices declined at the slowest pace in five months in August.

Producer prices declined 1.2 percent year-on-year following a 1.7 percent fall in July. Economists had expected a 1.4 percent decrease.

The pound appreciated to 1.3000 against the greenback from Thursday's closing value of 1.2974. Next key resistance for the pound is seen around the 1.31 level.

After dropping to 1.1762 at 10:45 pm ET, the pound rebounded to 1.1801 against the franc. If the pound rallies again, 1.21 is likely seen as its next resistance level.

In contrast, the pound reached as low as 135.32 versus the yen. The pair was worth 135.88 at Thursday's close. The currency is likely to face support around the 132.00 region.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.2 percent on year in August - in line with expectations and slowing from 0.3 percent in July.

Core CPI, which excludes volatile food costs, sank an annual 0.4 percent - again matching forecasts following the flat reading in the previous month.

Looking ahead, Canada retail sales for July and University of Michigan's preliminary consumer sentiment index for September will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Australian Dollar Falls; U.S. Dollar Rises On Stimulus Concerns (01 hr(s), 17 min(s), 19 sec(s) ago)
(RTTNews) - The Australian dollar fell and the U.S. currency appreciated in the Asian session on T ...Full Story»

Euro Little Changed After German GfK Consumer Confidence Index (03 hr(s), 11 min(s), 19 sec(s) ago)
(RTTNews) - At 2.00 am ET Thursday, Germany's Gfk consumer confidence data has been published. ...Full Story»

Euro Steady Ahead Of German GfK Consumer Confidence Index (03 hr(s), 20 min(s), 18 sec(s) ago)
(RTTNews) - At 2.00 am ET Thursday, Germany's Gfk consumer confidence data is due. The forward ...Full Story»

Loonie Little Changed After Canada Inflation Data (18 min(s), 41 sec(s) ago)
(RTTNews) - Canada retail sales for August, consumer inflation and new housing price index for Sep ...Full Story»

Loonie Falls Ahead Of Canada Inflation Data (09 min(s), 41 sec(s) ago)
(RTTNews) - Canada retail sales for August, consumer inflation and new housing price index for Sep ...Full Story»

Pound Strengthens As EU Barnier Affirms Commitment To Compromise To Reach Deal (36 min(s), 41 sec(s) ago)
(RTTNews) - The pound drifted higher against its major counterparts in the European session on Wed ...Full Story»

Australian, NZ Dollars Appreciate On U.S. Stimulus Hopes (01 hr(s), 20 min(s), 18 sec(s) ago)
(RTTNews) - The Australian and NZ dollars climbed against their major counterparts in the Asian se ...Full Story»

Pound Little Changed Following U.K. Inflation Data (03 hr(s), 08 min(s), 18 sec(s) ago)
(RTTNews) - At 2.00 am ET Wednesday, the Office for National Statistics has released UK consumer a ...Full Story»

Search

FOREX NEWS

Australian Dollar Falls; U.S. Dollar Rises On Stimulus Concerns

10/22/2020 - 03:59 AM (RTTNews)
(RTTNews) - The Australian dollar fell and the U.S. currency appreciated in the Asian session on T ...Full Story>>

Euro Little Changed After German GfK Consumer Confidence Index

10/22/2020 - 02:04 AM (RTTNews)
(RTTNews) - At 2.00 am ET Thursday, Germany's Gfk consumer confidence data has been published. ...Full Story>>

Euro Steady Ahead Of German GfK Consumer Confidence Index

10/22/2020 - 01:56 AM (RTTNews)
(RTTNews) - At 2.00 am ET Thursday, Germany's Gfk consumer confidence data is due. The forward ...Full Story>>

Loonie Little Changed After Canada Inflation Data

10/21/2020 - 08:35 AM (RTTNews)
(RTTNews) - Canada retail sales for August, consumer inflation and new housing price index for Sep ...Full Story>>

Loonie Falls Ahead Of Canada Inflation Data

10/21/2020 - 08:26 AM (RTTNews)
(RTTNews) - Canada retail sales for August, consumer inflation and new housing price index for Sep ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.