Currency Note Sterling

Retail sales data boosts sterling

By Smart Currency March 28th, 2014

Sterling has had a strong week, arresting the recent slide seen against both the euro and the dollar. Inflation fell in line with economic forecasts throughout the past year, dropping to 1.7%, which provided a welcome boost for sterling on Tuesday. With little significant data out of the Eurozone this week, sterling was able to reach a three-week high against the euro on Thursday. This further strengthening came in response to retail sales figures from the UK, which rose more throughout February than forecast, to 1.7%. With strong economic figures out of the US, performance against the dollar was more measured, although sterling still finds itself in a stronger position against the dollar at the end of the week.

Today sees the release of final growth figure for the final quarter of 2013. No change from previous releases is expected but it does offer another chance for sterling to strengthen its position.

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