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The Pound slipped again against the Euro
Published: 26 Jun at 8 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Economy, Inflation,
The Pound continued to slip against the Euro yesterday in the foreign exchange markets after the publication of the latest retail sales figures showed a sharp slowdown in June, calming analysts expectations of a potential Bank of England rate rise this year.
The CBI Distributive Trades Survey published yesterday showed the balance of retailers that reported sales were up year-on-year crashed to a seven-month low of just +4% in June from a figure of +16% in May and +30% in April.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel and supermarket Asda's Chief Merchandising Officer for Food commenting on the data said "Whilst it seems that hopes that retail spending would be boosted by a strong performance by England at the World Cup were as over-ambitious as aspirations for a good performance, I’m reassured that consumer confidence is still on the up, as household budgets are being bolstered by falling inflation. However, whilst discretionary income is still on the rise, slow wage growth continues to weigh on how much consumers are willing to go out and spend."
The Euro received a boost in the currency markets yesterday after the influential GfK consumer confidence indicator for Germany resumed its upward trend and beat analysts’ expectations after months of stagnation. The indicator rose from a revised 8.6 to 8.9, just shy of the all-time high of 9.1 dating back to 2006.
Not such good data for the US economy yesterday with the third estimate of US first-quarter GDP showing that the US economy shrank at the alarming annualised rate 2.9% in the first quarter of 2014. This represents the biggest annual decline in GDP since early 2009 and the biggest downward revision to the Commerce Department's second GDP estimate since records began in 1976.
Separately, the US Commerce Department also reported that durable goods orders unexpectedly declined by 1% in May, after a revised 0.8% increase in April.
The US Dollar felt the pressure in the currency markets and erased the gains of the last few days to re-approach the 5 year low’s recently registered against the Pound in the currency markets.
The CBI Distributive Trades Survey published yesterday showed the balance of retailers that reported sales were up year-on-year crashed to a seven-month low of just +4% in June from a figure of +16% in May and +30% in April.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel and supermarket Asda's Chief Merchandising Officer for Food commenting on the data said "Whilst it seems that hopes that retail spending would be boosted by a strong performance by England at the World Cup were as over-ambitious as aspirations for a good performance, I’m reassured that consumer confidence is still on the up, as household budgets are being bolstered by falling inflation. However, whilst discretionary income is still on the rise, slow wage growth continues to weigh on how much consumers are willing to go out and spend."
The Euro received a boost in the currency markets yesterday after the influential GfK consumer confidence indicator for Germany resumed its upward trend and beat analysts’ expectations after months of stagnation. The indicator rose from a revised 8.6 to 8.9, just shy of the all-time high of 9.1 dating back to 2006.
Not such good data for the US economy yesterday with the third estimate of US first-quarter GDP showing that the US economy shrank at the alarming annualised rate 2.9% in the first quarter of 2014. This represents the biggest annual decline in GDP since early 2009 and the biggest downward revision to the Commerce Department's second GDP estimate since records began in 1976.
Separately, the US Commerce Department also reported that durable goods orders unexpectedly declined by 1% in May, after a revised 0.8% increase in April.
The US Dollar felt the pressure in the currency markets and erased the gains of the last few days to re-approach the 5 year low’s recently registered against the Pound in the currency markets.
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Source: moneytransfer.co.uk