U.K. Retail Sales - Ester Holdings
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U.K. Retail Sales

  • Core Retail Sales (y/y) (March), fact 6.2%, forecast 4.0%.
  • Core Retail Sales (m/m) (March), fact 1.2%, forecast -0.3%.
  • Retail sales (y/y) (March), fact 6.7%, forecast 4.6%.
  • Retail sales (m/m) (March), fact 1.1%, the forecast -0.3%.

The volume of retail sales in the UK in March increased markedly, which provided restrained support for the British currency. The indicator itself has updated a maximum of the last four months, but is limited to restrained dynamics.

Fig. 1. U.K. retail Sales (m) chart 

Previously released data on business activity in the manufacturing sector (PMI) in Germany and the eurozone were worse than the forecast. In turn, this caused the collapse of the euro and the growth of the US currency. Additional pressure on the euro had a correction in positions before a long weekend, which increased market speculation.

The British pound is limited in movement on the purchase of the dollar and the weakness of the euro despite the restrained positive statistics. The pair GBP/USD slowed down the decline, but remains under the pressure from the overall strengthening of the American dollar. Support levels: 1.3000 and 1.2970, resistance: 1.3050 and 1.3080.

Fig. 2.GBP/USD chart. Current price – 1.3030

Read also: “Cross-rates characteristics

Hanzenko Anton


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