UK Retail Sales drop in June. Pound falls in forex trading. | CountingPips Forex & Currency Trading Blog

July 24, 2008 - Forex Economic News

UK Retail Sales drop in June. Pound falls in forex trading.

Retail Sales data was released today out of the United Kingdom and showed that retail sales fell the most in June since 1986 according to a report by National Statistics. June's retail sales decreased by 3.9 percent following up a revised increase of 3.6 percent in May. June's Pound falls in forex trading. yearly rate of change was an increase of 2.2 percent over last year which was well below May's yearly increase of 7.9 percent. Market forecasts had expected a decrease of 2.6 percent in June retail sales and a 4.4 percent yearly increase. Contributing to the decline was a decline of 3.6 percent in food stores and a decline of 4.5 percent of sales in non-food stores for the month.

The pound sterling has been feeling the effects of the poor retail sales numbers in forex trading today as it has fallen verses most of the major currencies. The GBP/USD opened the day at close to the 2.000 trading threshold(1.9994) before retreating lower and trading around 1.9836 in the afternoon U.S. session. The pound has also shown declines verses the Japanese yen with the GBP/JPY trading below 213.50 after yesterday's high of 215.88 and verses the European euro with the EUR/GBP hitting above 0.7900 today before trading around 0.7880.

uk retail sales, gbp, pound sterling, forex trade

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