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Sep 16 - 02:55 AM

GBP/USD - Drops Towards 37-Year Low On UK Retail Sales Miss

By Rob Howard  —  Sep 16 - 02:25 AM
  • Cable falls to 1.1417 after worse than expected UK August retail sales data

  • Down 1.6% MM vs -0.5% f/c nL8N30N0UN. 1.1417 is lowest level since Sept 7

  • 1.1407 was 37-year low on Sept 7 (1.1413 was March 2020 low)

  • Retail sales miss increases BoE's dilemma before Sept 22 rate decision

  • See: nL8N30L436. Fed rate hike of at least 75 bps expected Sept 21

  • 1.1449 (pre-UK retail sales data low) is now a GBP/USD resistance level

Source:
Refinitiv IFR Research/Market Commentary

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