The Pound climbed to its highest level in 5 Months on the back of stronger than expected retail sales data.  The strongest rise in retail sales in 3 years was attributed to the World Cup and the effect of sunny weather enticing consumers back into the High street.

Sterling was up 0.6 per cent against the dollar on the news, while it was also 0.6 per cent higher against the euro.

Comments from the various members of the MPC in front of a Parliamentary select committee kept the Pound range bound during morning trading with a range of opinions expressed.  However the overall sentiment appeared positive and kept the Pound on course.

In the afternoon session U.S. durable goods data showed a slight fall which held the Dollar back initially although it was able to maintain it’s earlier levels against the Euro by the end of trading.

Overnight the New Zealand Central bank raised base rates to 3.0%  however a fall in their trade balance held back any significant gains for the Kiwi.

This Morning German Unemployment data, as expected, showed no Change. 

In the U.K. New mortgage approvals have fallen by more than expected.  As a result the Pound is giving up some of yesterday’s gains, falling against the Euro.

Later today we await E.U Consumer confidence figures  which are expected to show an uplift.  This afternoon Canadian Industrial Production and U.S Initial Jobless figures are released.