Forex Pros – The euro slid to a daily low against the pound on Thursday, after official data showed that U.K. retail sales climbed more-than-expected in April, boosted by the extra holiday for the Royal Wedding and record temperatures.
EUR/GBP hit 0.8792 during European morning trade, the daily low; the pair subsequently consolidated at 0.8798, sliding 0.18%.
The pair was likely to find support at 0.8753, Tuesday’s low and resistance at 0.8840, Wednesday’s high and a two-week high.
The Office for National Statistics said sales rose 1.1% last month, outstripping expectations for an increase of 0.8%, and the biggest rise for a month of April since 2002.
Monthly growth was driven by clothing and food sales, which both rose at their fastest pace in years.
The statistics office said the extra public holiday for the Royal Wedding on April 29, combined with the warmest April weather on record helped boost sales in these sectors.
The euro was also lower against the U.S. dollar, with EUR/USD slipping 0.12% to hit 1.4230.
Later in the day, the U.S. was to publish its weekly report on initial jobless claims as well as industry data on existing home sales and official data on manufacturing activity in Philadelphia.
ForexPros.com
