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Posted May 30th, 2013 by Charles Purdy

Sterling struggles following poor UK retail sales figures | Smart Daily Currency Note

GBP/EUR – 1.1687

Sterling had mixed performance in currency market yesterday; weakening against European currencies and the Japanese yen but gained ground against the US dollar. The UK currency rose by around a cent against its stateside counterpart despite a release from the Confederation of British Industry detailing that retail sales had fallen at their fastest rate in 13 months in May. The UK economy continues to struggle with realised retail sales dropping markedly from -1 to -11 points against an expected gain of 4 points. Consumers seem to still be wary of using up expendable income and without public confidence and spending increasing the economy will find it difficult to recover. Call in today to monitor sterling’s progress and price levels as markets anticipate the Bank of England’s policy meeting next week.

Euro prices were characteristically volatile throughout yesterday, though the single currency saw strong gains against a weak US dollar – gaining around a cent. This was despite German unemployment figures emerging considerably worse than expected, though this was tempered by inflation figures exceeding expectations – good news for Europe’s economic powerhouse after consumer confidence and manufacturing data has been positive for the country over recent weeks. Today is a relatively quiet day for the seventeen-nation currency, with only an Italian 10 year bond auction having any real potential to make an impact directly on price levels. The day is likely to be dominated by events elsewhere as the Eurozone continues to stall in its quest for economic recovery. Call in now to stay up to date with market movements and for a live quote.

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