US retail sales have fallen -0.1% in the month to July, posting the first decline in three months as unemployment continues to rise. Retail sales figures ex autos are down by -0.6% while jobless claims have risen to 558,000 in the week to August 8.
Yesterday the Fed opted to leave interest rates on hold and speculated over an end to quantitative easing on the back of more positive economic data. Today's figures have ruptured this fragile market confidence and interrupted the ascent of higher yielding currencies. Consumer spending is closely related to unemployment and we can expect to see volatile retail statistics while jobless claims continue to rise.
US dollar exchange rates declined against the pound and euro following the news. The USD is currently valued at GBP0.60 and EUR0.69.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.
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Sterling witnessed a pullback against the majors yesterday after the BoE lowered its 2012 GDP growth...
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| US Dollars | 1.5810 |
| Euros | 1.2436 |
| Swiss Francs | 1.4936 |
| Australian Dollars | 1.5908 |
| South African Rand | 13.170 |
| GBP indicative mid-market rate at 16:10. Please call for quote. | |
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