The pound: British retail sales

In Britain the retail sales fell to its 2-year low. As it often happens, the British blamed it for unfriendly weather factors. This time, the consumer demand was decreased by rainfalls.

Thus in April 2012 retail sales declined more than expected by the analysts: by 2.3% to the annual value of 1.1%. The consensus-forecast was for 0.8%.

The British unemployment rate and inflation evoke doubts as to the negative statistics being caused only by the rainy weather. The board of the Bank of England has persisted to cope with the high consumer price growth for many years.

The plans of reaching the target rate at 2% have been postponed again. The central bank assures that the target will be hit by mid 2013. Still within the next few months it may even increase amid rising taxes and utilities rates.

In the light of these events the demand for the British pound declined. The disappointed investors were selling the pound and the pair pound-dollar lowered by 50 pips to 1 US dollar 56.9 cent.

In its turn yesterday, the IMF also called the attention of the Bank of England to the economic recovery and offered it to implement some incentives.

This is the factor to be in focus of the central bank in order to avoid long-lasting recession.

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