CBI Realized Sales in Britain were better than predicted, and fell by 47 points. This immediately lead Forex traders to buy the British pound, but in a quite limited manner. GBP/USD now regains. Where is it headed?
CBI Realized Sales is an important economic indicator since it senses quite accurately where consumer wind is blowing. The Confederation of British Industry surveys sale data across the UK and produces this highly regarded monthly report.
The index has been negative in the past few months, showing a reduction of sales in Britain. This low figure is bad, but better than last month’s -55 and better than expectations that stood on -53.
Earlier today, the pound was doing quite well, and extended its gains from the beginning of the week. GBP/USD pushed upwards and reached 1.4242, erasing some of the big drops from last week.
Currently the pound is slightly higher than before the release, but it didn’t make a “jump”. Just before the release the pound lost ground to the dollar. The impact on the pound might be seen later in forex trading.
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