[B]Intra-Day Market Moving News and Views
13 Jan 2015[/B] [I]01:29GMT[/I]
[B]GBP/USD[/B] - ...... Cable shrugged off early release of weak U.K. retails sales and rebounded in tandem with euro due to intra-day renewed weakness in the greenback in Asia.
Reuters reported U.K. retail spending growth slowed in December after consumers splashed out on November’s “Black Friday” bargains and prices continued to fall broadly, industry data showed on Tuesday.
The British Retail Consortium (BRC) said year-on-year retail spending was 1.0% higher this December than a year ago, the weakest December growth since 2008 and a sharp contrast with November’s 2.2% jump.
Falling prices also weighed on spending. Shop prices were down by an average of 1.7% in December compared with 2013, the BRC said last week. Broader official data due for release at 09:30GMT is forecast to show consumer price inflation at a 12-year low of 0.7%.
Taking lower prices into account, retail sales volumes rose an annual 2.6%, the same as in Dec 2013. Retail spending on the BRC’s like-for-like measure – which excludes new stores n more closely reflects how stores report sales to shareholders – were 0.4% down on the year.
Yesterday although the British pound fell from an intra-day high at 1.5195 to session low at 1.5099 in European morning on dlr’s broad-based strength, cable pared its losses n rebounded strongly in tandem with euro to 1.5174 in NY morning. However, price met renewed selling there n retreated to 1.5136, weighed down by cross-selling of sterling vs euro.
[B]Tuesday [/B]will see the release of Japan’s Current Account and Economic Watchers Poll, China’s Trade Balance, Exports and Imports, Italy’s Industrial Output, U.K.'s BRC Retail sales, CPI, PPI, RPI, U.S. Rebook and Federal Budget on Tuesday.