Retail Sales Drop for Fifth Consecutive Month Causing Pound to Fall

Friday was a mixed day for the Pound after it made up ground against many of its rivals but lost ground in other areas following the release of disappointing retail sales figures, even though PMIs were positive.

Both manufacturing and services PMI increased although poor factory output meant that any positives were quickly offset. As a result, the Pound finished at 1.1813 against the Euro and 1.3758 against the US Dollar according to the Foreign Exchange Market.

The Euro strengthened on Friday against many of its peers, regardless of the PMIs coming in slightly mixed as manufacturing came in higher than expected while services fell short. The single currency took advantage of a risk-off mood and that placed pressure on the riskier currencies, giving the Euro the chance to strengthen.

The US Dollar moved higher at the end of the week as the Greenback benefitted from a drop in risk appetite. The Markit PMI figures came in relatively positive and that helped to boost the US Dollar. However, manufacturing dropped slightly although the rise in services, which came in higher than forecasts meant that the US Dollar helped to offset any potential weakness.


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