UK Retail Sales Down – GBP Exchange Rates
This morning we have seen UK retail sales fall more than expected, this has been largely attributed to the recent floods which have prevented many from hitting the shops and has seen spending in the effected region focus understanadly on the essentials only. I would not be surprised if we see Retail Sales continue to struggle for the coming months as the impact of the floods continue to take its toll and as a result we could see Sterling exchange rates under pressure due to this. In fact this morning we saw Sterling weaken immediately after the announcement but the fall has been limited and at the time of writing Sterling is making a comeback.
Later today we have inflatino figures from Canada and also home sales figures for the US which could have large impacts on both the CAD and the USD. It is expected that Canadian inflation figures will rise which could bring some strength to the CAD but over the last few days GBP CAD has risen steadily meaning we are currently witnessing some excellent opportunities to buy CAD but should todays inflation be strong those levels may be short lived. So, if you need to buy CAD or USD make sure you speak with us today so we can discuss your currency requirements and the options available to you in order to help you make the most of your money.
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