KNW: Sterling rises against the dollar 'after strong retail sales'
Forex traders were keen on the pound today (November 18th), following the announcement of UK sales.
According to Reuters, sterling increased by 0.6 per cent at $1.5994 after a strong improvement in factory orders, among other reasons.
Data revealed positive figures for British retail with sales up 0.5 per cent in October - just above a forecast of 0.4 per cent - recovering from a decrease of 0.2 per cent one month previous.
Peter Frank, currency strategist at Societe Generale, said: "It's [the data] definitely not a sell signal for sterling, so it's not a surprise we're seeing cable around $1.59-1.60, although it probably won't stop euro/sterling from heading higher."
But there was a negative move for the pound against the euro as it slipped, while the single currency rose 0.3 per cent against the UK tender.
Earlier this morning, sterling moved up slightly against the dollar to stand at $1.5900 before the retail figures were announced.
