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Sterling retreats vs dlr after UK data, Spain auction
19 July, 2012 - Reuters
- Sterling inches up vs safe-haven dollar
- UK retail sales weaker than forecast
- Sterling eyes fresh test of 78.30 pence vs euro
By Nia Williams
LONDON, July 19 (Reuters) - Sterling retreated from a two-week high against the dollar on Thursday as weak UK retail sales and euro-era high borrowing costs for Spain at a bond auction knocked investor appetite for perceived riskier currencies.
Retail sales rose 0.1 percent on the month in June, much less than the 0.6 percent expected, and fuelled concerns the UK economy was struggling to emerge from recession.
Sterling dipped from a two-week high of $1.5695 hit earlier in the session. It inched back into positive territory on the day by 1020 GMT, up 0.15 percent at $1.5679, tracking euro/dollar.
Traders cited offers from Asian investors around $1.57
Analysts said sterling may claw back gains later in the session if U.S. jobless claims data and the Philly Fed business index fan speculation the Federal Reserve may opt for more monetary easing to boost growth.
"Cable has been mainly dominated by the moves we have had in euro/dollar. We are expecting disappointment from the Philly Fed and initial claims so could see some dollar weakness this afternoon," said Michel Sneyd, FX strategist at BNP Paribas.
The euro was steady against sterling at 78.39 pence, within sight of Wednesday's 3-1/2 year low of 78.30 pence that is expected to provide support.
A break below that level would open the door to a test of the October 2010 low of 77.84 pence.
Sneyd said BNP Paribas had lowered their euro/sterling target to 76 pence from 78 pence, after going short of the euro at 81 pence.
"We have had a couple of negative surprises for sterling. It sold off but in response investors bought sterling on the dip. We see this as very positive," he said.
The pound shrugged off minutes from the Bank of England's Monetary Policy Committee on Wednesday that showed policymakers discussed a possible interest rate cut and additional asset buying at their meeting earlier this month..
As the committee said they were unlikely to consider such a move for several months, analysts said the impact of this hint that there could be a cut in the premium investors receive for holding the pound was limited.
"With rate cuts not likely to be imminent we don't expect this to weigh too much on sterling for now," Lloyds analysts said in a note.
(Editing by John Stonestreet)
Copyright Thomson Reuters 2012. All rights reserved.
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