Good morning all,
U.K retail sales for January were released this morning and led to Sterling strength against all majors, this strength was however kind of pinned back as Decembers retail sales were actually revised down and appear to be even worse than the poor figure we saw last month.
This kind of morning shows the beauty of having a limit order in place – we saw a short spike for Sterling and then it has slightly dropped away again, I would not be surprised to see a positive Friday afternoon for the Pound though, however our good friend Mervyn King is due to speak later on, famous for dropping the markets as soon as he says a word over the past few years!
Personally I think we are not a million miles away from the 1.20 mark against the Euro, it appears Portugal are slowly coming to the forefront of things again and may be looking at a bailout, the overnight borrowing by the ECB was huge and the worst since June 2009.
Keep your eyes peeled, I would look to sell Euros rapidly if you are in the process of doing so, or book out a forward contract should your house sale be going through at present.
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