16th April 2014
The pound has been softened following a weaker than expected reading for the BRC retail sales monitor, which has revealed a 1.7 per cent decline in like-for-like sales.
The figures raised doubts surrounding the spending outlook, in spite of the distortion from the impact of the Easter period, with the pound failing to reach the 1.6750 level against the dollar and drifting back towards 1.67.
The issue has been compounded by the Consumer Price Index showing that price growth slipped more than expected, falling to 1.6 per cent in March from 1.7 per cent in February, despite forecasts of more impressive growth.
The news combined to put some downward pressure on UK yields and the GBP, though unemployment figures due this week may have the greatest impact on forex trading, with data on job numbers and wage growth information both eagerly anticipated.
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