GBP to USD Exchange Rate Dwindled ahead of US Retail Sales

GBP to USD Exchange Rate Dwindled ahead of US Retail Sales

On Thursday, the GBP to USD exchange rate dwindled from its previous gains ahead of the US retail sales.

The GBP to USD exchange rate declined 0.15% to $1.38 after it hiked 0.22% yesterday.

Consequently, the United States will release its retail sales later this day.

Retail sales posted a forecasted rate of -0.80% month-on-month from the previous record of -1.10%.

Moreover, the core retail sales has a forecasted data of -0.10% and previous reading of -0.40%.

In addition, the US continuing jobless claims has a forecasted hike of 2,785,000 from the previous number of 2,783,000.

In the United Kingdom, the August consumer price index hiked to 3.20% from the previous record of 2.00%.

Accordingly, the core consumer price index climbed 3.10% year-over-year from July’s record of 1.90%. It also came above the analysts’ expectation of 2.90%.

Moreover, the producer price index input increased 0.40% month-on-month from the previous rate of 1.30% and the market forecast of 0.20%.

Consequently, the retail price index edged up 4.80% year-over-year from 3.80%, a modest increase from the forecasted 4.70%.

Meanwhile, the US dollar index, which traces the greenback against other major currencies, rose 0.23% to $92.75.

Accordingly, other currencies mixed against the dollar on Thursday trading. 

The CHF currency surged 0.49% to $0.92 as ZAR currency surged 0.57% to $14.49.

Similarly, the NZD currency climbed 0.08% to $0.71 as CAD currency inched up 0.01% to $1.26. 

Furthermore, the EUR currency declined 0.42 to $1.18 as the AUD currency plunged 0.26% to $0.73.

Yen to Dollar Exchange Rate Sank as Sterling Fell

Likewise, the yen to dollar exchange rate sank as the GBP to USD Fell.

The Japanese currency weakened 0.01% to $109.36 as Japan released its exports and imports data yesterday.

Accordingly, the August exports declined 26.20% from the previous 37.00%, far from the forecasted 34.00%.

Subsequently, the country’s imports hiked 44.70% from the previous rate of 28.50%.

Then, imports edged higher from the expected reading of 40.00%, which is adverse to the yen.

Also, the Chinese yuan rose 0.21% to $6.44 as the Singapore dollar improved 0.03% to $7.78.

Then, the Indian rupee edged up 0.10% to $73.52 as the South African rand climbed 0.54% to $14.48.