The Great Britain pound was stronger after retail sales report, that was far better than anticipated, spurred speculations that the Bank of England may refrain from boosting its asset purchase program. The currency remained weak versus the euro.
Confederation of British Industry released its Distributive Trades Survey, which showed a positive balance of 30 in October. That was the highest reading since June and twice the expected value. Coupled with the positive GDP report last week, the data suggests that the BoE may postpone implementation of additional stimulus. Such outlook is positive for the sterling.
Gains were limited, though, as consumer confidence remained poor. The GfK Consumer Confidence was at -30 this month as the Britons remained worried even as the economy came out from recession.
GBP/USD rose from 1.6069 to 1.6078 as of 2:26 GMT today. EUR/GBP went up from 0.8046 to 0.8060 yesterday and remained near that level today. GBP/JPY was flat at 127.89.
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