News Column

Pound Climbs Ahead Of UK Retail Sales, BoE Minutes

May 21, 2014

BRUSSELS (Alliance News) - The pound advanced against the other major currencies in early European deals on Wednesday, as traders await the nation's retail sales data for April and the Bank of England's minutes of its May meeting.

Including auto fuel, retail sales may show an increase of 5.1% on year and 0.4% on month. In March, sales grew 4.2% over year and 0.1% on a monthly basis.

The point hit 1.6887 against the greenback, its highest since May 12.

The pound moved away from early low of 0.8144 against the euro, rising to 0.8116.

The pound rose to 1.5048 against the franc from an early 2-day low of 1.4985.

The pound that fell to multi-week low of 169.79 against the yen bounced off to 170.46.

If the pound extends rise, it is likely to face resistance around 1.70 versus the greenback, 0.80 against the euro and 1.51 against the franc.

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Source: Alliance News

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