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UK retail sales fall at sharpest rate in three years

…British retail sales fell at their sharpest annual pace in more than three years…

…in November, the BRC survey showed on Tuesday in a grim portent of the all-important Christmas shopping season. Sales fell 2.6% year-on-year in November, the sharpest drop since the Easter-influenced April 2005. Not a good sign.

This morning I was going to try and be a bit positive following the rise in house buyer interest shown in yesterday's RICS survey. Admittedly, the actual number of sales slumped to a new 30-year low but at least the interest in property was on the increase. This, added to the further sharp declines in inflationary pressures from easier Producer Input Prices (down 3.3% in November alone for a 12-month 7.5% rise) put the skids under Sterling -- especially versus the euro where we established an all-time low.

Other than that, yesterday was a bit thin on data so we look to today's offerings for a bit of stimulus. We have important statistics from Germany and the EU this morning as well as further housing and trade data from the UK. On top of that, there are several central bankers speaking on their various economies and the expectation that Canada will cut its interest rates at its meeting this afternoon.

The contents of this report are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. Currencies Direct cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

The contents of this report are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. Currencies Direct cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.

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