Wednesday April 11, 2007 - 10:47:31 GMT
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INVESTICA Ltd - www.investica.co.uk
Sterling supported by tax speculation
The UK currency gained ground in Asian trading on Wednesday with an advance to 1.9800 against the US currency and 0.6780 against the Euro.
The UK retail sales data was firm with the British Retail Sales Consortium (BRC) recording a 3.9% like-for-like increase in sales for March, the strongest reading for 11 months, and this will maintain near-term confidence in growth trends.
Sterling was also supported by a media report that the UK Treasury will consider a allowing tax-free repatriation of overseas profits. Such a measure would be important in strengthening the UK capital account, at least on a short-term basis, and these flows would support the currency. The Treasury has stated that any changes would be revenue neutral which dampened initial Sterling enthusiasm.
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