U.K. retail sales likely to have rebounded in October

The U.K. retail sales are expected to have rebounded in October after a weather-related pause. According to surveys, stores are expected to have performed better in October as they managed to change to the autumn fashions that were unsold in September’s warm weather, noted Societe Generale in a research report.

Moreover, the nation has gained from foreign tourists, who have gone on a spending spree for luxury goods, boosted by the recent depreciation of sterling. Retail sales, excluding auto fuels, are expected to have increased 0.4 percent in sequential terms in October after a flat reading in September, according to Societe Generale.

GBP/USD was trading at 1.2431 at around 1255 GMT. A 13.00 GMT FxWirePro's Hourly Pound Strength Index stood at 20.5728 (neutral), while Hourly USD Strength Index stood at 56.3394 (slightly bullish). For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex