UK retail sales weaken sterling (Mike Vaughan)

GBP EUR Exchange Rate: Weekly Review July 16  

This mornings retail sales figures caused the pound to lose more ground against the Euro keeping the level below 1.25. The losses were not to last however as Euro Zone consumer confidence figures were also poor and this counteracted the morning session.This week the pound has now ranged between 1.2450 and 1.254 and currently sits at the average trade price of 1.249.

Tomorrow I would expect to be a quiet day for GBP/EUR with no major data of note and I would expect the trade prices to remain around the 1.25 mark. The next area to focus on will be German inflation figures on Tuesday and UK consumer confidence figures on Wednesday.

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