Sterling Edges Higher versus Euro Following Soft Retail Sales


Sterling has traded at a new two-week high versus the euro while holding steady against the dollar in the 1.5670-80 area, below the intraday high at 1.5806 but comfortably above the day’s low at 1.5726. Much weaker than expected Eurozone retail sales data saw the euro come under pressure. The UK July Markit services PMI also came in below expectations at the headline reading, falling to 57.4 from June’s 58.5, but the pound hasn’t seen much collateral damage as the forward-looking new orders sub component rose to 58.6 from 57.2.

The composite PMI worked out at 56.6, down marginally from June’s 56.9 but still indicating robust expansion in the UK economy. The market is also mindful of tomorrow’s inaugural BoE ‘ super Thursday’, which, among other things, is likely to see the minutes reveal MPC members Weale and McCafferty resume, after a six-month hiatus, their votes to hike rates by 25 basis points.

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