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Sterling rises as investors await August sales data

Tue, 25th Aug 2020 09:59

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, Aug 25 (Reuters) - Sterling rose slightly on Tuesday
as the dollar slipped and investors waited for Britain's August
retail sales data that analysts say could lift the pound
further.

The dollar fell after investors returned to riskier
currencies as a successful phone call between top trade
officials in the United States and China boosted positive
sentiment.

Sterling was last up 0.18% at $1.3089 versus the greenback
. It was up 0.14% at 90.36 pence versus the euro
.

The Confederation of British Industry’s (CBI) monthly retail
sales numbers for August are expected later on Tuesday and could
lead to a "temporary boost" for the pound, ING analysts said.

International central bankers, Federal Reserve officials,
academics and some private sector analysts will meet virtually
on Thursday and Friday because of the COVID-19 pandemic instead
of in the mountain resort of Jackson Hole, Wyoming.

"The whole approach has been mostly wait and see ahead of
the Jackson Hole symposium," said Francesco Pesole, FX
strategist at ING.

Sterling still has to grapple with ongoing Brexit
negotiations between Britain and the European Union, which are
far from reaching a consensus.

Public debt also rose above 2 trillion pounds ($2.65
trillion) for the first time last month as the coronavirus
pandemic prompted the government to ramp up public spending.
(Reporting by Maiya Keidan; Editing by Kirsten Donovan)

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