Intra-day Market Moving News and Views
21 May 2015 09:01GMT
GBP/USD - .... Despite cable's brief retreat to 1.5525 shortly after European open, price rallied to as high as 1.5667 after data showed retail sales in the U.K. rose much more than expected in last month, fuelling optimism over the country's economic outlook.
The U.K. ONS said on Thur that retail sales in U.K. increased by a seasonally adjusted 1.2% in Apr, easily surpassing forecasts for a gain of 0.4%. Retail sales in March fell by 0.7%, whose figure was revised from a previously reported decline of 0.5%. Year-on-year, retail sales increased at an annualized rate of 4.7% in April, beating expectations for a 3.8% gain, after rising at a rate of 4.0% in March.
Earlier cable also moved in a choppy fashion in NY afternoon after Federal Reserve provided further indications in its latest minutes that it will wait past June before raising its benchmark interest rate for the first time in nearly a decade.
This morning price tanked briefly to 1.5493 and then rallied to 1.5567 before retreating to 1.5528 at Australian opening.
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