Forexpros – The euro eased off an intra-day low against the pound in quiet trade on Thursday, following an industry report showing that retail sales in the U.K. fell at their fastest pace in over a year last month.
EUR/GBP pulled back from 0.8803, an intra-day low to hit 0.8815 during European late morning trade, up 0.12% over the day.
The pair was likely to find support at 0.8726, Wednesday’s low and resistance at 0.8834, the days high and a two-week high.
The Confederation of British Industry said its retail sales balance fell to minus 14 in August from minus 5 in July, surpassing expectations for a fall to minus 10. The expected sales balance for September rose to minus 7 from minus 12 for August.
Earlier in the day, U.K. building society Nationwide said its index of consumer confidence fell to 49 in July, from a reading of 51 the previous month.
Trade remained subdued as investors looked to a speech from U.S. Federal Reserve Chairman Ben Bernanke on Friday for any sign of fresh monetary easing measures.
The euro was also higher against the U.S. dollar, with EUR/USD rising 0.14% to hit 1.4435.
Also Thursday, a report showed that the Gfk German consumer climate index for September dipped to 5.2 from a final reading of 5.3 in August, amid concerns that global economic weakness will affect the domestic economy.
The decline was in line with economists expectations.
Forexpros
