Thursday 27th March 2014
Good morning - a quick update as we have just seen UK Retail Sales released, smashing expectations and giving the Pound a large boost - up to almost €1.21 against the Euro at the time of writing.
We expected the numbers to show monthly increase in Retails Sales of 0.5%, and an annual increase of 1.7%. The actual figures were 1.7% and 3.7%, which were significantly above forecast.
The result for Sterling was a large spike in exchange rates, as you can see from this GBP/EUR chart:
So after more than a week of the Pound struggling to break through the €1.20 barrier, this has now happened due to the much better than expected data. Personally I'm surprised it broke through this barrier so quickly, but then nobody expected today's figures to be so strong.
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