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GBP/USD And GBP/EUR Movement Expected Due To US Retail Sales And Eurozone Sentiment

Published: 13 Aug at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Inflation, Pound Euro Exchaneg Rate,

As the European session began the Pound was trading within touching distance of a month-high against the Euro and in the region of 1.5479 against the US Dollar.

Overnight the British currency was supported by a report showing that UK house prices climbed to an almost seven-year high last month.

According to data compiled by the Royal Institution of Chartered Surveyors, a gauge of UK house prices rose to 36 in July from June’s 21.

This was the highest level achieved since the last half of 2006 and the latest in a series of indicators that the UK property market is regaining momentum.

In a statement issued with the result RICS global residential director Peter Bolton King commented: ‘It looks like at long last a recovery could be around the corner. This is the first time that everywhere has experienced some improvement.’

Meanwhile an index of price outlook advanced to 35 from 24 last month.

Sterling extended gains as UK inflation slowed from a 14-month high of 2.9 per cent, dipping to 2.8 per cent in July as expected by economists.
Meanwhile core inflation slowed to 2 per cent in July from 2.3 per cent the previous month.
In response to the figures London-based economist Howard Archer commented: 'Consumer-price inflation may yet touch 3 per cent in the near term, butit should start heading gradually down toward the end of the year. Much will clearly depend on oil-price developments.'

Additional movement in the GBP/EUR pairing is expected to occur following the release of the German ZEW economic sentiment survey. If the gauge climbs as forecast the Euro will be supported and the Pound could soften against its common currency peer.

Meanwhile, today’s US retail sales report is likely to inspire notable market volatility. A better than expected result will stoke speculation surrounding the odds of the Federal Reserve tapering stimulus in September and could see the ‘Greenback’ post broad based gains.