{"id":2856,"date":"2013-05-23T08:14:12","date_gmt":"2013-05-23T08:14:12","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2856"},"modified":"2013-05-23T08:17:16","modified_gmt":"2013-05-23T08:17:16","slug":"weak-uk-retail-sales-threatens-gbp-advance","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/weak-uk-retail-sales-threatens-gbp-advance\/","title":{"rendered":"Weak UK Retail Sales threatens GBP advance"},"content":{"rendered":"<p><a href=\"https:\/\/plus.google.com\/111687047260609547765\/posts\">Sinduja Venkat<\/a><\/p>\n<p>Good morning and welcome to today\u2019s foreign exchange market commentary on 23rd of May.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>GBP dips on disappointing April retail sales<\/li>\n<li>EUR advances on Rehn\u2019s comments<\/li>\n<li>Fed to cut back bond purchases, USD soars<\/li>\n<li>Nikkei shoots up to 16000<\/li>\n<li>AUD slips further on weak China PMI<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0 <\/b><\/p>\n<p><b>GBP\/EURO \u2013 <\/b>1.1714<br \/>\n<b>GBP\/USD \u2013 <\/b>1.5030<br \/>\n<b>GBP\/CHF \u2013 <\/b>1.4679<br \/>\n<b>GBP\/CAD &#8211; <\/b>1.5609<br \/>\n<b>GBP\/AUD \u2013 <\/b>1.5646<br \/>\n<b>GBP\/ZAR \u2013 <\/b>14.5321<br \/>\n<b>GBP\/JPY \u2013 <\/b>152.8219<br \/>\n<b>GBP\/HKD \u2013 <\/b>11.6680<br \/>\n<b>GBP\/NZD \u2013 <\/b>1.8757<br \/>\n<b>GBP\/SEK \u2013 <\/b>10.0251<\/p>\n<p><i>Mid-market rates as of 2013-05-23 06:37 UTC<\/i><\/p>\n<p><b>Making an international payment? Compare money transfer deals and save 3-5 % on your currency. <\/b>Making an\u00a0<a href=\"http:\/\/www.mycurrencytransfer.com\/\">international money transfer<\/a>? Compare money transfer deals and save 3-5 % on your currency exchange with better-than-bank exchange rates.<\/p>\n<p><b>Key releases in the next 24 hours that may affect currency date:<\/b><\/p>\n<p><b>Australia:\u00a0<\/b>No Data<br \/>\n<b>Europe:\u00a0<\/b>EUR German Purchasing Manager Index Manufacturing (MAY A), EUR German Purchasing Manager Index Services (MAY A), EUR Euro-Zone Purchasing Manager Index Manufacturing (MAY A), EUR Euro-Zone Purchasing Manager Index Services (MAY A), EUR Euro-Zone Purchasing Manager Index Composite (MAY A), EUR Euro-Zone Consumer Confidence (MAY A),<br \/>\n<b>United Kingdom:\u00a0 <\/b>GBP Gross Domestic Product (QoQ) (1Q P), GBP Gross Domestic Product (YoY) (1Q P), GBP Total Business Investment (YoY) (1Q P)<br \/>\n<b>New Zealand:\u00a0<\/b>NZD Balance (YTD) (New Zealand dollars) (APR), NZD Trade Balance (New Zealand dollars) (APR)<br \/>\n<b>United States of America:\u00a0<\/b>USD Initial Jobless Claims (MAY 18), USD Markit US PMI Preliminary (MAY), USD House Price Index (MoM) (MAR), USD New Home Sales (MoM) (APR)<br \/>\n<b>China: <\/b>No Data<br \/>\n<b>Canada: <\/b>No Data<br \/>\n<b>Japan: <\/b>No Data<\/p>\n<p><b>GBP dips on disappointing April retail sales<\/b><\/p>\n<p>GBP tumbled to new lows of 1.5073 against the greenback yesterday as U.K. Retail Sales dipped by 1.4% in April amid as opposed to the forecasted figure of an increase of 0.1%. However with a renewed mid-term policy outlook on moving away from its quantitative easing programme, the Bank of England may help the GBP its feet. \u00a0At the same time, the BoE has acknowledged the fact of consistent volatility within the Eurozone may succeed in boosting the value of the GBP but it appears that though majority of the Board members will vote in favor of stalling further expansion of the balance sheet will as further monetary easing is not likely to make BoE\u2019s exit strategy any easier.<\/p>\n<p><b>EUR advances on Rehn\u2019s comments<\/b><\/p>\n<p>Euro advanced to a high of 1.2954 against the USD after European Union Economic and Monetary Affairs Commissioner Olli Rehn promised to do everything it takes to fight unemployment which is currently at a record high level in the Eurozone. However if quantitative easing\u00a0 policy is to remain as accommodative as Mr Rehn motions, it appears that the European Central Bank (ECB) will be pressurized to show its support towards the monetary union.<\/p>\n<p><b>Fed to cut back bond purchases, USD soars<\/b><\/p>\n<p>US stocks were advancing once again last night following Chairman Bernanke\u2019s acknowledgement that the Fed would gradually reduce its bond buying activities over its next few meetings. The greenback advanced against all of its peers with indices appreciating all around. The Dow Jones was up by\u00a0 0.57%, while the Nasdaq and the S&amp;P500 advanced by 0.30% and 0.53%, respectively.<\/p>\n<p><b>Nikkei shoots up to 16000<\/b><\/p>\n<p>Japanese index Nikkei posted yet another record high last at 15903, adding up to a 5% boost this week alone. The index is now at its highest level since early Dec 2007. The index adds almost a 5% gain this week alone. This advance has materialized on the back of rise in sales volume of Japanese bonds as well as continued Yen weakness and the bullish wave that the USD is currently riding on.<\/p>\n<p><b>AUD slips further on weak China PMI<\/b><b>\u00a0<\/b><\/p>\n<p>Aussie continues to slip lower after weak economic data from China pushed down the currency further. China HSBC PMI print released at 1:45GMT came in at 49.6 as opposed to the expected levels of 50.5.<\/p>\n<p><i>Going on holiday? Compare travel money deals with our sister site mytravelmoney.co.uk<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinduja Venkat Good morning and welcome to today\u2019s foreign exchange market commentary on 23rd of May.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP dips on disappointing April retail sales EUR advances on Rehn\u2019s comments Fed to cut back bond purchases, USD soars Nikkei shoots up to 16000 AUD slips further on weak China PMI CURRENCY RATES OVERVIEW\u00a0 GBP\/EURO \u2013 [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2856"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=2856"}],"version-history":[{"count":3,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2856\/revisions"}],"predecessor-version":[{"id":2858,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2856\/revisions\/2858"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}