Friday, 23 January 2015

Forex - GBP/USD hovers at 18-month lows despite U.K. retail sales data

The pound remained near 18-month lows against the U.S. dollar on Friday, despite the release of upbeat retail sales data as expectations for the Bank of England to hold its monetary policy for longer continued to weigh.
GBP/USD hit 1.4958 during European morning trade, the pair's lowest since July 2013; the pair subsequently consolidated at 1.4985, slipping 0.17%.
Cable was likely to find support at 1.4812 and resistance at 1.5213, Thursday's high.
In a report, the Office for National Statistics said that U.K. retail sales rose 0.4% in December, beating expectations for a 0.6% decline, after a 1.6% increase the previous month.
Year-on-year, retail sales increased by 4.3% last month, more than the expected 3.0% rise, after a 6.4% advance in November.
The pound remained under pressure after the minutes of the BoE's January policy meeting on Wednesday showed that members voted unanimously for the first time in five months to keep interest rates unchanged at a record-low 0.5%.
Sterling was hovering close to seven-year highs against the euro, with EUR/GBP dropping 0.71% to 0.7516.
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