Sterling weakening against Dollar
Monthly Sales Volume announcement was released earlier today. Results were expected to be released lower than last month, as predicted by economists. From 1.1% last month, forecast was expected at 0.5%. Instead, Retail Sales dove even further to be released at -1.4%; much lower than expected.
The Retail Sales value rose this year May than last year May. May 2011 rose by 0.2% compared to May 2010.
British Retail Sales measure the change in the total value of inflation adjusted sales at the retail level;
The British Pound took hardly by the weaker than expectations announcement. GBP/USD fell from 1.6160 that it was trading before the release, to 1.6115 after the release. The pair plunged even further a while after the release to 1.6098.
