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US retail sales just grew by 0.1% in September from August, down by -0.3% when excluding the auto components. It has given cue to the global currencies most of which are up against Dollar, including 24 emerging market currencies tracked by Bloomberg.
Pound is the best performing developed market currencies today, as it is up by more than 1% so far today. Pound has cleared above previous day high (PDH) around 1.539 from where sharp selloff came yesterday pushing pound to as low as 1.52 against Dollar.
However, a deal between two largest breweries of the world AB InBev and SAB Miller has boosted pound's outlook, as deal is worth £ 68 billion. Near term flow has kept Pound buoyant.
What now for Pound -
- Longer term bearish view remains, as Pound is likely to sour against Dollar to as low as 1.44 as long as resistance around 1.59 area holds. Pound is currently trading at 1.542 against Dollar.
- However this bearish outlook unlikely to keep pound on hold in the near term which might gain another 150-250 pips.
- Focus is on FED meeting later the month.
