Reply #17: Pound Strengthens Versus Dollar After Retail Sales Surge, Beating Estimate

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http://www.bloomberg.com/news/2011-11-17/pound-strengthens-versus-dollar-after-retail-sales-surge-beating-estimate.html

The pound strengthened against the dollar, snapping a three-day decline, after U.K. retail sales unexpectedly rose in October.

Sterling appreciated against all but one of 16 major peers tracked by Bloomberg. Spain’s borrowing costs surged at an auction of 10-year debt. U.K. retail sales including fuel increased 0.6 percent from September, the most since June, compared with a median estimate of a 0.2 percent decline in a Bloomberg survey of economists.

The pound was 0.3 percent stronger at $1.5773 at 12:58 p.m. London time. It was little changed at 85.55 pence per euro and 0.2 percent higher at 121.42 yen.

The 10-year gilt yield was three basis points higher at 2.19 percent, after earlier sliding to 2.111 percent. The rate yesterday dropped to a record 2.107 percent.