Excerpt from: GFT Analysts in the News
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| May 22, 2008 | | Retail sales data helps the sterling in currency trading | The UK pound is rallying in forex trading on the currency market this morning. Retail sales data is in, and it is not as bad as some thought it would be this. This is giving the sterling a boost in currency trading, as it is an indicator that the British economy may not be that bad.
However, it is important to note that many analysts still see a trend toward general weakening in the economy, and this could indicate that the UK pound will fall when other indicators bear this out. For now, though, the likelihood of a Bank of England rate cut has diminished.
| Topic Tags: British economy, currency trading, forex trading, forex trading currency market, retail sales data, sterling currency trading, UK pound forex trading | |
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