Forex

Sterling glides from six-week high versus dollar

2018-09-14 18:06:15 GMT (Economies.com)

Sterling fell off early August highs against the greenback while still heading for the fifth weekly profit in a row, following a speech by Bank of England Governor Mark Carney today. 

 

As of 04:18 GMT, GBP/USD fell 0.21% to 1.3081, with an intraday low at 1.3072, and a six-week high at 1.3143. 

 

BoE Governor Carney warned that failing to reach a Brexit deal might lead to consequences similar to the financial crisis, with nearly a 35% drop in house prices in the next three years. 

 

Bank of England's policymakers voted this week to hold the official bank rate at 0.75%, and the assets purchase program at £435 billion as expected by analysts. 

 

US Retail Sales, Industrial Data 

 

Earlier US data showed retail sales rose 0.1%, slowing down sharply from 0.7% in July, and missing estimates of 0.4%. 

 

Import prices fell 0.6% m/m, compared to no change in July, while analysts expected a 0.2% drop. 

 

US industrial production rose 0.4% in August, same as July, and beating estimates of a 0.3% increase. 

 

The capacity utilization rate rose to 78.1% from 77.9% in July, missing  estimates of 78.3%. 

 

University of Michigan released its survey on consumer sentiment, showing a surge to 100.8 in September, the best in six months, from 96.2 in August, beating estimates of 96.7. 

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