Pound Sterling Rises on Strong Retail Sales Data

Written by

Anthony Bull

Daily Currency Update

Pound Sterling gains on strong UK Retail Sales – September 20, 2024

The forex market is seeing steady gains for the Pound Sterling today after stronger-than-expected retail sales data from the UK. Meanwhile, oil prices continue to rise, and gold remains stable amid ongoing global economic uncertainty. Here’s a snapshot of today’s key market movements.

Major Currency Pairs:

  • EUR/USD: The euro is trading at 1.11726, up 0.12% for the day, and has gained 0.92% over the week. The pair has benefited from ongoing USD weakness following the Federal Reserve’s recent rate cut​(XE).
  • GBP/USD: The pound is trading at 1.33255, up 0.34% today. The Bank of England recently held rates at 5%, providing stability to the currency, and traders remain confident in the UK’s economic resilience​(DailyForex)​(XE).
  • AUD/USD: The Australian dollar is at 0.68187, increasing by 0.14% today and 1.76% for the week. The Reserve Bank of Australia held interest rates steady, keeping the AUD relatively stable​(DailyForex).
  • USD/JPY: The yen is trading at 143.283, up 0.29% today. The Japanese yen has shown strength this week, but US inflation concerns could still affect the pair​(DailyForex).

Commodities:

  • Crude Oil: Crude oil is trading at $70.87 per barrel, down 0.40% today, but is still up 3.20% for the week. Global supply concerns continue to push prices higher despite a slight dip today​(DailyForex).
  • Gold Prices Today: Gold is priced at $2,606.77 per ounce, up 0.76% today and 1.11% for the week. The metal remains a popular hedge against inflation and central bank rate decisions​(DailyForex).
  • Heating Oil Prices: Heating oil is trading at $2.1640 per gallon, down 0.29% today but up 3.63% this week, reflecting strong seasonal demand​(DailyForex).

Key Economic Events:

  • Bank of England Decision: Yesterday, the BoE kept interest rates steady at 5%, keeping the pound stable as inflation concerns linger.
  • US Economic Data: Traders continue to focus on the Fed’s recent rate cut and its impact on the US dollar, which has shown signs of weakness across major currency pairs​(XE).

This week wraps up with positive moves for the pound, while traders keep a close watch on how today’s data will affect the opening markets next week.

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