Sterling received a boost during Thursday’s trading following better than expected UK Retail Sales figures released this morning. The official figures showed sales were up by 0.7% compared with the previous month and this has helped Sterling recover some of the ground lost over the early part of the trading week.
GBP/EUR rates had dipped by almost 6 cents from the recent 8 year highs and it did seem as if the EUR new found momentum would carry back towards 1.34. However, as often happens market conditions change and at the close of European trading the Pound had started to recover this lost ground, hitting 1.3658 at today’s high.
Whilst I do expect today’s positive data to help support the Pound around the current levels, I feel it will struggle to break 1.40 again now that the Bank of England have started to talk down the UK economic recovery, due to their on-going concern over the rising value of the Pound and the negative knock on effect that it is having on our export trade.
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