The GBP held steady on Thursday against a basket of world currencies in a limited range of trading against the USD as investors awaited retail data in Britain, one of the most important indicators of the recovery of the royal economy during the third quarter of this year. Ahead of European CPI data and final minutes of the ECB meeting.
The pair USDEUR is trading at 08:04 GMT around 1.2886 from the opening price 1.2886 after recording the highest of 1.2909 and the low of 1.2879.
The GBP ended yesterday’s trading up by 0.2 % against the USD, its first gain in three days, on the back of a five week low of 1.2840, supported by the decline of the greenback versus most of the currencies, , The low unemployment rate for the lowest level in 42 years, and the decline in monthly jobless claims.
Investors are expected to release UK retail sales in July, which indicates the recovery of the royal economy during the third quarter. The Bank of England lowered its economic growth rate this year from 1.9% to 1.7%. To weak domestic demand.
Retail sales are expected to rise at 08:30 GMT by 0.2% month on-month in July, compared with 0.6% rise in June, with car sales expected to rise 0.2% from 0.9%.
The EURUSD pair is trading at 1.1737 from the opening price of 1.1766 by 08:17 GMT at 1.1790 and the lowest at 1.1733.
The EUR fell against the USD, as most of its gains made yesterday after the Federal Reserve’s minutes were released. The decline comes ahead of the release of important data on inflation levels in Europe by the final reading of consumer prices, in addition to the minutes of the latest European Central Bank meeting Should provide new evidence about the future of the stimulus buying bond program.
By 09:00 GMT, the final reading of the July consumer price index, expected to be the same as the previous reading, rose by 1.3%, and excluding food and fuel prices expected the same preliminary reading rose by 1.2%