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Oct 20 - 02:55 AM

GBP/USD - REFILE-BUZZ-GBP/USD Drops Towards 1.21 On Weak UK Retail Sales Data

By Rob Howard  —  Oct 20 - 02:25 AM

adds chart

  • Cable falls to 1.2101 on much worse than expected UK Sept retail sales data

  • UK retail sales down 0.9% MM vs minus 0.2% f/c; down 1% YY vs minus 0.1% f/c

  • 1.2120-1.2145 was Asia range (pre-UK data). 1.2093-1.2191 was Thursday range

  • Weak UK retail sales data is blow for hawks advocating another BoE rate hike

  • BoE's Bailey expects "marked fall" in UK Oct CPI (ING forecasts 5% or lower)

  • UK by-election news: Labour wins two previously safe Tory seats nL1N3BQ052

Source:
Refinitiv IFR Research/Market Commentary

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