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Currency Market News

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UK retail sales post surprise increase
31 March 2014

As seen from last week we saw a turn for the pound with an all round positive week for the pound last week, following details of better than expected UK retail sales figures on Friday. They came in over than expected up to 3.7% from a range expected at 2.5%. Movement was felt on the currency markets straight away with three-week highs against the Euro.

Hopping on the back of this data was poor CPI data on Friday from the Eurozone. Notably the pound increased its gains against the USD on greenback through the week, the Dollar failing to move gains in the short-term.

However, while we have seen a busy week for data releases, it is the opposite vibe for the GBP. A strong message that suggested concern for the Pound as recent gains may slip without any data. The reverse effect could happen anytime and despite recent positive sentiments for Sterling further erosion could be expected. If you are looking at transferring money abroad, whether it be euros or dollars speak with one of the team at Currency Index today to secure the best rate and avoid any further movements on the currency markets.

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