Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD: UK Retail Sales
The British Pound appreciated against the US Dollar, following the UK Retail Sales data release on Thursday at 8:30 GMT. The GBP/USD exchange currency rate gained 16 pips or 0.13% right after the release. The British Pound continued trading at the 1.3010 level against the US Dollar.
Office for National Statistics released the UK Retail Sales data that came out better-than-expected of 1.1% compared with forecast –0.3%.
According to analysts, the unexpected increase in the UK retail sales was driven by Brexit uncertainty. It is likely, that consumers are undisturbed by the UK departure from the EU bloc. Consumers have supported the UK economic growth since the referendum.
EUR/USD: German Markit PMIs
The Euro depreciated against the US Dollar, following the German Markit PMIs data set release on Wednesday at 7:30 GMT. The EUR/USD exchange currency rate lost 25 pips or 0.22% right after the release. The European Common Currency continued trading at the 1.1255 level against the US Dollar.
Markit released the German Flash Manufacturing PMI data that came out worse-than-expected of 44.5 compared with the forecast of 45.2. Note, that the German Flash Services PMI was released at the same time.
The overall situation for the German private sector remained unchanged according to the release. Despite strong growth across the services economy, some weakness remains in the manufacturing economy due to the German export.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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