Sterling retreats further over night
15 September, 2011
The retail sales figures were negative, as expected, mainly down to a rise in prices putting consumers off. However, the figures came in slightly better than expected at -0.2% rather than -0.3% for the month and 0% growth for the year compared to expected -0.2% which did give the pound a brief boost of 20 points against the Euro. Following European PPI data which came out as expected these gains were reversed.
Whilst the Eurozone is awash with debt problems the problem the pound has is the exposure we have to any debt bailout. Problems in the Eurozone also affect our exports, hampering the UK economic recovery so while one may think the problems should lead to better exchange rates the reality is not the case.
Against the US dollar the slightly better retail figures gave the pound the steam to push up from an 8 month low but analysts expect gains to be capped as the chance of more quantitative easing remains on the cards.
Amid all the volatility in the markets, contact Currency Index who can monitor rates on your behalf, and alert you to favorable movements, whichever currency you are buying or selling.
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