{"id":3932,"date":"2017-09-21T00:00:00","date_gmt":"2017-09-21T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100149-gbp-eur-uk-retail-sales\/"},"modified":"2017-09-21T00:00:00","modified_gmt":"2017-09-21T04:00:00","slug":"100149-gbp-eur-uk-retail-sales","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100149-gbp-eur-uk-retail-sales\/","title":{"rendered":"GBP\/EUR Pound Trades Back Above \u00e2\u201a\u00ac1.13 on Strong Retail Sales"},"content":{"rendered":"<p>Impressive UK retail sales data helped push the pound exchange rate back to \u20ac1.13 over the euro. This is the second time in a week that the pound has surged through this psychologically important number, and this is now the strongest rate at which the pound has traded against the euro in 2 months.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p> When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.13990 EUR<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately \u20ac1.14. This specifically measures the pound\u2019s worth against the euro. If the euro amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <em>1 EUR = 0.87271 GBP<\/em> <\/p>\n<p> <em>In this example, \u20ac1 is equivalent to approximately \u00a30.87. This measures the euro\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the euro.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>UK retail sales numbers shattered analysts\u2019 expectations. Sales rose in volume by 1% in a month , up from 0.7% in July. City analysts had been forecasting an increase of a mere 0.2% in August. Further, this impressive growth rate came despite a large annual increase in prices. Looking at these numbers closely show that the volume of non-essential items sold increased at its fastest rate in 25 years.<\/p>\n<p>These figures are surprising given that, when accounting for inflation, UK households are confronted with an increasingly tough economic climate of rising prices and falling wages. However, UK consumers are showing resilience by continuing to shop for non-essential items as well. This is good news for the UK economy, which is significantly dependent on consumer spending. Unsurprisingly, the release of positive UK sales data pushed the pound rate higher.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why does strong economic data boost a country\u2019s currency? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Solid economic indicators point to a strong economy. Strong economies have strong currencies because institutions look to invest in countries where growth prospects are high. These institutions require local currency to invest in the country, thus increasing demand and pushing up the money\u2019s worth. So, when a country or region has good economic news, the value of the currency tends to rise. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>With no high impact data due today, pound investors will focus on Brexit developments ahead of UK Prime Minister Theresa May\u2019s Brexit speech on Friday. The tone of Theresa May\u2019s speech will be important especially since she is also expected to make an opening offer for how much Britain is willing to pay for its divorce from the EU. Clear signs that Theresa May is looking for a smooth transition period could boost the pound rate higher.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why is a smooth Brexit good for the pound? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>A smoother Brexit would be a scenario in which the economic consequences of leaving the European Union are minimised. This is favourable for the pound because the less the Brexit impact on the economy, the more likely that foreign investors will remain interested in the UK. Foreign investors need sterling to invest in the country and so the more GBP is purchased, the higher the demand and, thus, an increase in the currency\u2019s value. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<h2><a href=\"#euro-traders-look-towards-german-election-calmly\" name=\"euro-traders-look-towards-german-election-calmly\"><\/a>Euro traders look towards German election calmly<\/h2>\n<p>Economic data has been in short supply for the Eurozone this week. Instead, investors have been keeping an eye on the German elections due to take place on Sunday the 24th of September. German Chancellor Angela Merkel is widely expected to win, with Oddschecker putting her chance of victory at 97%. Given this high probability of Merkel winning her fourth Chancellorship, there\u2019s little chance of any big changes from the euro in response to the result. At best, the EU\u2019s common currency could drift higher early next week once the result is confirmed.<\/p>\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Impressive UK retail sales data helped push the pound exchange rate back to \u20ac1.13 over the euro. This is the second time in a week that the pound has surged through this psychologically important number, and this is now the strongest rate at which the pound has traded against the euro in 2 months. What [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3933,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,1394],"class_list":{"0":"post-3932","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-eur","10":"tag-gbp"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR Pound Trades Back Above \u00e2\u201a\u00ac1.13 on Strong Retail Sales - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100149-gbp-eur-uk-retail-sales\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100149-gbp-eur-uk-retail-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100149-gbp-eur-uk-retail-sales\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR Pound Trades Back Above \u00e2\u201a\u00ac1.13 on Strong Retail Sales\",\"datePublished\":\"2017-09-21T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100149-gbp-eur-uk-retail-sales\\\/\"},\"wordCount\":805,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100149-gbp-eur-uk-retail-sales\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100149-gbp-eur-uk-retail-sales.jpg\",\"keywords\":[\"eur\",\"gbp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100149-gbp-eur-uk-retail-sales\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100149-gbp-eur-uk-retail-sales\\\/\",\"name\":\"GBP\\\/EUR Pound Trades Back Above \u00e2\u201a\u00ac1.13 on Strong Retail Sales - 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