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The fairly muted response in the British Pound to the disappointing retail sales data for September reaffirms once again that Brexit headlines take precedence over domestic economic fundamentals for currency volatility. Retail sales tumbled sharply last month, printing well below market expectations at -0.8% thanks to a large fall of 1.5% in food sales. While under normal circumstance today’s discouraging report would have translated to Pound weakness, price action suggests that investors are preoccupied with Brexit talks. Market players expecting fireworks from the dubbed “moment of... Read More
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