Sterling scales week high after BoEs decisions

Economies.com
2018-12-20 19:41PM UTC

Sterling rose in American trade off April 2017 lows for the sixth session out of seven, following earlier data and developments from Britain and the US today. 

 

As of 07:06 GMT, GBP/USD rose 0.62% to 1.2688, with an intraday low at 1.2608, and the highest since December 10 at 1.2707. 

 

Earlier UK data showed retail sales rose 1.4% in November, compared to a 0.4% drop in October, while beating estimates of a 0.3% increase, as core sales, excluding fuel, rose 1.2%, beating estimates of 0.2%. 

 

On a yearly basis, retail sales rose 3.6%, up from 2.4% in October, while core sales accelerated in growth to 3.8% from 2.8%. 

 

Bank of England's policymakers voted to hold interest rates at 0.75% for the third meeting in a row, and the assets purchase program at 435 billion pounds for the 19th meeting in a row. 

 

Earlier US data showed unemployment claims for the week ending December 15 up 12 thousand to 214  thousand, while continuing claims for the week ending December 8 rose 27 thousand to 1.688 million. 

 

The Philly Manufacturing Index rose to 9.4 from 12.9 in November, while the CB leading index rose 0.2%, compared to a 0.3% drop in October.

 

The Federal Open Market Committee voted to hike interest rates at the December 18-19 meeting by 25 basis points for the fourth time this year to below 2.50% as expected by analysts, while carrying on the process of reselling government bonds and mortgage securities by a $50 billion a month pace. 

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