Highlight:
- Weaker US Retail Sale than expected
- Pound Rally: tasting 5 years high on Cable
- Mark Carney: UK Interest rate may go up sooner than later
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DAILY CURRENCY UPDATE – 13JUN – UK INTEREST RATE MAY GO UP SOONER THAN LATER
Published by Uma Rajagopal
Posted on June 17, 2014
1 min readKey Takeaways
- US retail sales surprised weaker than expected, undermining confidence in economic momentum.
- The British pound rallied to a five‑year high against the US dollar amid US softness.
- Mark Carney signals that the UK interest rate may rise sooner rather than later, adding hawkish pressure on sterling.
References
Frequently Asked Questions
Why did the pound rally on this day?
It was driven by weaker‑than‑expected US retail sales, which weighed on the dollar and supported sterling's rise to five‑year highs.
What did Mark Carney say about UK interest rates?
He warned that UK interest rates may need to rise sooner rather than later, signaling a potentially more hawkish outlook.
How do US retail sales affect global currency markets?
Weaker US retail sales can weaken the dollar, prompting currency markets to re‑price interest rate expectations and shift flows toward other currencies like the pound.
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