CBI Retail Sales Weaken Pound, Glimmer of Hope Remains
The Great Britain pound dipped today after the CBI retail sales report showed that trading volumes were flat in March, while traders have hoped for growing sales. The currency was able to hold ground against the Japanese yen as the report was not completely negative.
Confederation of British Industry released its Distributive Trades Survey, which showed that the index stood at 0 in March, meaning that trading volumes were flat. Traders have hoped that the gauge would rise from February’s 8 to 12. The report said:
Sales volumes were also well below average for the time of year, and weaker than expected.
Not everything was bad in the survey as traders expressed hope that sales will improve in April.
GBP/USD fell from 1.5169 to 1.5155 as of 13:27 GMT today after rising to 1.5205. GBP/JPY was little changed at 142.88.
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Earlier News About the Great Britain Pound:
- Pound Can't Get the Upper Hand Against the Euro (2013-03-22)
- UK Pound Prepares for Possible Monetary Policy Change (2013-03-19)
- UK Pound Continues to See Gains against the US Dollar (2013-03-15)
- UK Pound Sees Some Gains (2013-03-14)
- Sterling Higher, But Weakness Remains (2013-03-13)