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Guillermo
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Pound Gains as U.K. Retail Sales Unexpectedly Jump - 2008/06/19 21:23 Hey guys, after the Euro dominated the FX market for a while, the British Pound has finally given a good surprise.

The pound rose to the highest level against the euro in almost three weeks after a government report showed retail sales in May surged the most since records began, prompting traders to bet on higher interest rates.

The currency also climbed to a one-week high versus the dollar after Bank of England Governor Mervyn King said policy makers will tolerate declining living standards to tackle price growth. The path of interest rates was ''uncertain,'' even with inflation at the highest level in at least a decade, King said in a letter to the government earlier this week. Two-year gilts fell by the most in four days after the sales report.

The U.K. currency climbed as much as 0.9 percent to 78.55 pence per euro, the strongest since June 2, and was at 78.60 pence by 1:32 p.m. in London, from 79.26 pence yesterday. It rose to $1.9716, the highest level since June 10, and was at $1.9702.

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Pound Gains as U.K. Retail Sales Unexpectedly Jump

Guillermo

2008/06/19 21:23