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After Fed's rate hike BoE under pressure

Friday, Dec 18 2015

There were no data releases from the UK on Friday. Markets are still weighing on recent UK figures. Thursday brought Retail Sales data. The ONS said the amount spent by shoppers was up 1.4% in November compared with the month before, and was also up 1.4% from the same point a year earlier. The value of online sales increased by 4.9% in November from October, and were 12.7% higher compared with last year. "Retailers may see some pay-back after the Black Friday promotions led shoppers to pull-forward spending that would otherwise have taken place in December, but the underlying sales trend looks set to remain strong as we head into 2016," said Chris Williamson, chief economist at Markit.

Pound is still effected  by Fed's rate decision. The rate rise in the United States could pose problems for the UK, who often have followed the decisions on interest rates that are made from the Federal Reserve. The Bank of England’s Monetary Policy Committee, recently voted overwhelmingly in favour of keeping interest rates at the current level of 0.5%. Financial analysts are now encouraging the UK to again follow in the path of the United States, and raise interest rates next year.

 

Sterling is currently being traded around 1.4920 handle. Pair is likely to find support around 1.4850 handle and resistance above 1.4950 level. There will be no major data releases in the rest of the session.

More in this category: « Eurozone Current Account recorded a surplus of €20.4 billion USD - Major events in the week ahead »

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