FX : UK CBI Retail sales decline against expectations; Pound, slightly up
FXstreet.com (Barcelona) - UK retailers have reported a decline in sales in August, with a balance of -16, compared to the -15 reading posted in July, against market expectations of a slight pick up to a reading around -12; The Pound has attempted a shy pick up.
The outlook for the next months has improved considerably, though, as the CBI survey showed balance of -14 between retailers expecting better sales and those expecting further declines, altogether, it makes an advance from the -23 level seen in July.
GBP/USD, which was trading at levels around 1.6175, has picked up reaching prices above 1.6200, although the pair continues weak and has returned below 1.6200 shortly afterwards.
