British Retail Sales Unexpectedly Fall
December 18th, 2009 Posted in GBP - Pound Sterling
Name: Dan
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According to a report released today, British retail sales fell this past month for the first time in six months, coming in at -0.3%. This was no where near the forecasted 0.5% figure and not even close to last months number of 0.6%. Analysts attributed the negative number to the Global recession, consumer efforts to curb spending during the holiday season and mounting unemployment numbers.
Following the report, the Pound fell 0.4% and was trading in the range of $1.6160 throughout the day. Most economists are forecasting that the British job market will not make any drastic improvements in the near future, meaning it is unlikely consumer spending will improve. Furthermore, the negative economic reports mean it is almost certain that record low interest rates will not be increased in the immediate future. Forex traders may want to take this information as an indication that Sterling will likely remain at its current levels for the time being.
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Tags: Consumer Spending, recession, Retail Sales, Unemployment
