FOREX UPDATE

UK retail sales were up 1.2% between May and June and by 2.9% from one year before.

The latest US unemployment figures were stable, with first-time jobless claims up 554,000 from the previous week (compared to consensus forecasts of a 550,000 increase). The four-week average of new claims for unemployment benefits declined to 566,000 last week, its lowest level since January.

Also in the US, sales of previously owned homes rose by 3.6% in June to an annual rate of 4.89 million units. This notwithstanding, house prices were down 15.4% from one year before