We have updated our privacy policy and terms & conditions. Find out more here.

Forex - GBP/USD steady after U.S. retail sales data

ForexAug 13, 2013 02:42PM GMT Add a Comment
Share with a Friend
Thanks for sharing
Emails have been sent to:
To send more emails click here
Investing.com - The pound was almost unchanged against the dollar on Tuesday after official data showed that U.S. core retail sales rose at the fastest pace in seven months in July. 

GBP/USD hit 1.5434 during European afternoon trade, the session low; the pair subsequently consolidated at 1.5462, edging up 0.01%.

Cable was likely to find support at 1.5380 and resistance at 1.5520, Monday’s high.

The Commerce Department said U.S. core retail sales, which exclude automobile sales, rose 0.5% in July, compared to forecasts for a 0.4% increase. Core retail sales for June were revised up to 0.1% from a flat reading.

Overall retail sales rose by a seasonally adjusted 0.2% last month, just short of expectations for a 0.3% increase. Retail sales figures for June were revised up to a 0.6% gain from a previously reported increase of 0.4% the report said.

The data reinforced the view that the economic recovery is strong enough for the Federal Reserve to begin phasing out its asset purchase program later this year.

Earlier Tuesday, official data showed that the rate of consumer inflation in the U.K. eased in line with forecasts in July.

The Office for National Statistics said consumer price inflation ticked down to 2.8% on a year-over-year basis, in line with economists’ expectations, from 2.9% in June.

Core CPI, which excludes food, energy, alcohol, and tobacco costs rose by a seasonally adjusted 2% in July, below expectations for a 2.3% increase.

Investors were looking ahead to U.K. employment data on Wednesday after the Bank of England announced plans last week to keep interest rates on hold at record lows as long as the U.K. unemployment rate remains above 7%.

Sterling moved higher against the euro, with EUR/GBP down 0.41% to 0.8566.

In the euro zone, a report on Tuesday showed that the closely watched ZEW index of German economic sentiment rose to a five-month high of 42.0 in August from July’s reading of 36.3. Economists had forecast a reading of 40.0.

The index of economic expectations for the euro zone was also higher, increasing to 44.0, the highest since April 2010, up from 32.8 in July.

A separate report showed that industrial production in the euro zone rose 0.3% in June from a year earlier, more than expectations for a 0.2% increase.

Forex - GBP/USD steady after U.S. retail sales data

Related Articles

Forex - NZD/USD weekly outlook: March 2 - 6
Forex - NZD/USD weekly outlook: March 2 - 6
By Investing.com - Mar 01, 2015

Investing.com - The New Zealand dollar inched higher against its U.S. counterpart on Friday, as traders digested the latest spate of U.S. economic data in their quest to gauge the ...

Forex - GBP/USD weekly outlook: March 2 - 6
Forex - GBP/USD weekly outlook: March 2 - 6
By Investing.com - Mar 01, 2015

Investing.com - The pound moved higher against the dollar on Friday and hit fresh seven year highs against the euro at the end of a volatile week of trading. EUR/GBP was down ...

Forex - AUD/USD weekly outlook: March 2 - 6
Forex - AUD/USD weekly outlook: March 2 - 6
By Investing.com - Mar 01, 2015

Investing.com - The Australian dollar moved away from a one-month high against its U.S. counterpart on Friday, as traders mulled the timing of a Federal Reserve rate hike after ...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Are you sure you want to delete this chart?

Successfully Reported

Thank you. This comment has been flagged for a moderator.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.