Stronger UK Retail Sales Fails to Help the British Pound

Liquidation of high yield currencies has sent the British plummeting alongside the Australian and New Zealand dollars. GBP/JPY had a 1000 point trading range today and is down 500 points on the day.

Stronger than expected retail sales last month did little to help the currency on a day when traders were focused on nothing but for liquidation. However, if the majors were to bounce over the next 24 hours as suggested by the strong reversal in the Dow, then the British pound could be one of the biggest beneficiaries given the strength of today?s economic data.