Sterling dips following failed UK sales targets
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by Abi Moses on 23rd October, 2016 and updated 23rd October, 2016 8:50pm
It is no secret that the price of the pound was affected by Brexit, with the turbulent war of economics still encouraging fluctuation. Today it was announced that the pound has taken a further hit, mostly as a result of sales figures. With the UK retail market generating a lot less than expected last month, data inevitably pushed the pound, easing to 1.2260 from 1.2275.
According to the National Office for Statistics we were 0.4% out of projection. However, on a annual basis retail sales grew by a 4.1%, though still lower than anticipated. Displaying a struggle, many Forex traders are trending towards a further dip, with further Brexit-related doom being a pretty safe bet. While not as dramatic as late-June, early-July movements there is certainly room for spread beds on the und to pay off.
Largest monthly falls
While many areas have taken a hit post June the biggest monthly falls lay with sales of clothing and footwear as higher rates paired with a warmer September being the catalyst.
'August's figures were revised up to show annual growth of 6.6%, which means that third quarter retail sales were up 5.4%, the strongest growth since August 2014'.
Whilst the majority of UK financial coverage has been pretty bleak of late, the truth is retail sales have remained strong, seeing people remain pretty steady following the referendum. While ongoing uncertainty on whether or not Britain would leave the EU affected the pound things are starting to flatten out, with the majority of traders believing we will not see a huge peak for a while.
If you are interested in Forex trading during this exciting time in UK politics then sign up with any of our forex partners today and start your spread betting journey with an attractive welcome bonus.
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