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GBP/USD Fell to 1.2780 as UK Retail Sales Fell to -1.8% in March

Posted by Chris Advincula on Apr 21, 2017 6:58:47 AM

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(April 21 Friday) The U.K.. Retail Sales fell to -1.8% in March versus the median forecast of -0.3% compared to +1.7% in February. Sales fell to its largest decline in seven years in the first quarter as the accelerating inflation took a toll in the recent economic data and may prompt the Bank of England to keep interest rates at a record low for a longer term. The -1.8% contraction pushed the 1st quarter sales down by 1.4%, the lowest quarterly outcome since the 1st quarter of 2010, compounded by the ongoing Bexit implications as well.

The sterling pound fell sharply after the bearish data from 1.2810 to test the low of 1.2777 (-33 pips) before it met some short covering to 1.2808 in the European morning session. 

Topics: GBPUSD, Forex, UK Economic Data

 

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