Sterling rallies on better than expected retail sales

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4138-1.4294

Rates GBP/USD 1.6119-1.6199

Rates GBP/EUR 1.1322-1.1345

Sterling rallies on better than expected retail sales as July retail sales +1.1%, much better than expected. Cable has rallied 70 pips immediately. Where strong food and non-store sales saw volumes rise 0.2% last month.

The Euro opened firmer today as the EU meeting takes place in Brussels today. It is rumoured that the Germans and French have reached some form of agreement on Greece after discussions with the ECB, only rumors! Overall this will be viewed as positive for global markets, however the Euro has weakened ahead of the meeting.

A press conference will be held at 4.30pm this afternoon. Back home PM Cameron according to reports is under mounting pressure over the `hack-gate scandal’ , Sterling opened weaker versus the Euro, but has since rallied after stronger than expected UK retail sales data were reported.


EUR/USD currently 1.4177. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6174. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1408. Support 1.1100, resistance 1.1350


Oil $ 98.50   Gold $ 1603


Dow -0.12%     FTSE +0.20%    Nikkei +0.04%


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