Post-UK data gains in the pound were reigned in as the stellar retail sales report for May, which was replete with big up revisions in April data, were offset by a new Brexit poll from Ipso Mori putting the Vote Leave campaign six points in the lead. Seven of the last eight polls have put Leave ahead.
UK retail sales, meanwhile, came in much stronger than expected in official data for May, rising 0.9% m/m and by 6.0%y/y from upwardly revised April figures of +1.9% m/m (originally 1.3%) and +5.2% (originally 4.3%). The median forecasts had been for just 0.1% m/m and 3.7% y/y growth. The data kicks into touch the idea that the run-in to the Brexit vote would have impeded retail activity. Cable, after some oscillations, is presently near the midpoint of the day’s range, at 1.4165 which has itself remained within yesterday’s range. GBPJPY remains south of 148.00 and EURGBP north of 0.7950. Risk remains to the downside given the real chance for the UK voting to leave the EU at next Thursday’s referendum.
Chief Market Analyst
If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:
About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.