Economic news

Sterling Rises as Investors Await August Sales Data

LONDON (Reuters) - Sterling rose slightly on Tuesday as the dollar slipped and investors waited for Britain’s August retail sales data that analysts say could lift the pound further.

The dollar fell after investors returned to riskier currencies as a successful phone call between top trade officials in the United States and China boosted positive sentiment.

Sterling was last up 0.18% at $1.3089 versus the greenback. It was up 0.14% at 90.36 pence versus the euro.

The Confederation of British Industry’s (CBI) monthly retail sales numbers for August are expected later on Tuesday and could lead to a “temporary boost” for the pound, ING analysts said.

International central bankers, Federal Reserve officials, academics and some private sector analysts will meet virtually on Thursday and Friday because of the COVID-19 pandemic instead of in the mountain resort of Jackson Hole, Wyoming.

“The whole approach has been mostly wait and see ahead of the Jackson Hole symposium,” said Francesco Pesole, FX strategist at ING.

Sterling still has to grapple with ongoing Brexit negotiations between Britain and the European Union, which are far from reaching a consensus.

Public debt also rose above 2 trillion pounds ($2.65 trillion) for the first time last month as the coronavirus pandemic prompted the government to ramp up public spending.

Reporting by Maiya Keidan; Editing by Kirsten Donovan

Source: Reuters

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