Saturday, 28 March 2015 10:48

Pound Weak Against Greenback Before Retails Sales Reading

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Today Pound decline by 33 pips against Dollar, after opening at $1.6330 which was below last trading session at $1.6354. Pound decline before Retail sales data release, which is expected to be 0.5% prior 0.3%. Any data reading above expectation may support Pound for short term.

This week Pound decline by 0.20% against Dollar, compare with G10 countries currency ranking system by Bloomberg. However, U.K reached Inflation rate target level this week as Dec CPI data was read 2% prior 2.1%. This is a positive note for economic recovery for BOE. The recovery in labour market which was last read 7.4% may help to boost Consumer demand.

In U.K next week we have Claimant Count Change expected (at) -34K and prior -36.7K and unemployment rate expected at 7.3% and prior 7.4%. However, marketer must watch Unemployment rate next week, which may clear BOE tapering decision.

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