Sterling plumbs week trough versus dollar

Economies.com
2018-10-18 17:01PM UTC

Sterling fell in American trade to October 9 lows against the greenback, following a spate of data from the US and Britain today.

 

As of 04:49 GMT, GBP/USD fell 0.50% to 1.3050, with an intraday high at 1.3131, and a week low at 1.3049. 

 

Earlier UK data showed retail sales fell 0.8% m/m, compared to a 0.4% increase in August, and missing estimates of a 0.4% dip, as core sales fell 0.8%, compared to a 0.5% increase in August. 

 

On a yearly basis, retail sales rose just 3.0%, slowing down from 3.4% in August and missing estimates of 3.6%, as core sales slowed down as well to 3.2% from 3.6%. 

 

UK Prime Minister Theresa May opened the door for extending the transition period for several more months to reach a Brexit deal, even though she doesn't expect so, noting that good progress has been made in negotiations with the EU. 

 

Otherwise, earlier US data showed the Philly Manufacturing Index down to 22.2 from 22.9, while unemployment claims fell 5 thousand in the week ending October 13 to 210 thousand, edging estimates of 211 thousand. 

 

Continuing claims fell 13 thousand to 1.640 million in the week ending October 6, as analysts expected 1.663 million. 

 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake". 

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