14:10: Is GBP reaching its limit vs US dollar?
Eric Theoret, Currency Strategist at Scotiabank says we are at important levels for GPB/USD:
"Sterling is up 0.2% despite disappointing retail sales data as movement continues to be buoyed by strength in its regional peers. GBPUSD remains at the upper end of its 18 month range near 1.6300, a level that has held as resistance three times in 2012, previously in April and September.
"Yesterday’s ‘inverted hammer’ candle suggests a near term top, however the close for this session will determine the outlook for GBP."
10:20: No help from today's retail sale figures
Retail sales failed to grow in November, despite a boost from sales of tablet computers, making it unlikely consumers will give the economy a helping hand in the final quarter.
Retail sales volumes were flat on the month to give an annual rise of just 0.9 percent - below economists' forecasts for both monthly and annual sales growth, the Office for National Statistics said on Thursday.
10:00: No movement for sterling
The pound sterling (Currency:GBP) had a strong day yesterday against the majority of foreign currencies, apart from the euro; no doubt we are witnessing a period of consolidation today:
The pound converts into 12287 euro; the exchange rate is unchanged on Wednesday night's closing level.
The pound dollar exchange rate is 0.1 pct higher at 1.6263.
The pound Australian dollar exchange rate is unchanged at 1.5504.