(This is an excerpt from an article I originally published on Seeking Alpha on January 17, 2014. Click here to read the entire piece.)
The United Kingdom’s Office of National Statistics (ONS) reported retail sales today that suggest consumers went on a literal shopping spree in December, 2013. {snip} The ONS reported the most notable increase in sales occurred at department stores. Sales there increased 8.7% year-over-year.
These numbers once again confirm the growing strength in consumer demand in the United Kingdom and the overall health of the on-going recovery. The British pound (FXB) responded in kind. The 5-minute chart below shows that the move higher was sharp but also brief.
{snip}
Source for charts: FreeStockCharts.com
Be careful out there!
(This is an excerpt from an article I originally published on Seeking Alpha on January 17, 2014. Click here to read the entire piece.)
Full disclosure: net long British pound