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Pound Attempts to Rally on Positive Retail Sales, Remains Vulnerable

August 16, 2018 at 17:03 by Vladimir Vyun

50 pound notes and some coins on the UK flagThe Great Britain pound attempted to rally against some of its rivals today but was still hanging near the 14-month lows. While UK retail sales beat expectations and the general market sentiment improved, Brexit fears were still weighing on the currency.

Britain’s Office for National Statistics reported that retail sales increased 0.7% in July, recovering from the 0.5% drop in June. Analysts had predicted a smaller increase by 0.2%.

The Conference Board Leading Economic Index fell 0.2% in June after showing no change in May. The Conference Board Coincident Economic Index remained unchanged.

Brexit negotiations will resume in Brussels today. But that will be low-level talks, therefore market participants do not expect any significant results.

GBP/USD was trading near its opening level of 1.2695 as of 16:53 GMT today after rallying to the daily high of 1.2754. EUR/GBP went up from 0.8934 to 0.8944 but retreated from the daily high of 0.8960. GBP/JPY rose from 140.46 to 140.89.

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