The Pound has regained its leadership status with sharp gains on the charts overnight, but positive UKretail sales readings have clearly given the Pound a more definitive edge in a marketplace that offers up littleeconomic competition. In fact, seeing UK retail sales rise by +1.7% puts the UK economy in a different class thanmost and that news was given added credence overnight by suggestions from the BOE that the impact fromChina credit concerns on the world economy were expected to be relatively limited. While positive data puts thePound on a track to return to 1.6750, to return to those highs probably requires a Russian stand down, Chinesestimulus and or positive US data.
