Pound rises against dollar

LONDON (AFP) - The pound stabilised against major currencies after falling in the wake of what was perceived as a dovish set of minutes at the Bank of England's (BoE) last rate setting meeting earlier in the month.
Sterling recovered lost ground Thursday following stronger than expected UK retail sales data.
Retail sales were exceptionally strong, up 1 percent during September -- making it the strongest monthly rise since January and beating analysts expectations of a more modest 0.2 percent rise.
"This number should help remind the Bank of England of the danger of signaling that rates have peaked," HSBC Bank economist Clyde Wardle said Thursday.

10-21-2004, 16h51