FX Daily Wrap Up

The British Pound had a bit of a lackluster day, as the United Kingdom’s Retail Sales pummeled expectations with a higher print of 1.1% compared to the 0.5% forecast. The markets, however, reacted contrary to conventional wisdom by moving negatively upon the release. A positive Retail Sales number is generally seen as good news, with traders holding on to long positions or establishing new ones. Today, the GBP instead declined, with technical traders taking profit and overwhelming the fundamentals. The high for the GDP/USD hit 1.9772 before sliding to the current 1.9734. The EUR/USD finished out the week at 1.2962, and the USD/JYP finished at 121.21. Have a great weekend. XPRESSTRADE Analyst David Hilgeman