Sterling weakening against Dollar

Thursday, 16 June 2011 12:42

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.