UK interest rate swaps fall

Forex News UK interest rate swaps fall on the release of weaker than expected UK retail sales data for June, reported at -3.9% on the month and +2.2% on the year, versus forecasts of -3% and +4% and +3.5% and +8.1% previously. The 2-year swap rate, which had been around 5.837% prior to the data, drops to around 5.798%. The 10-year swap rate, which had been around 5.443% prior to the data, currently trades around 5.433%.

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UK June retail sales were biggest monthly down

Forex News UK June retail sales were down 3.9% on the month, the biggest monthly fall on record, as the sales data reversed the large 3.6% gain in May, the Office For National Statistics says. Sales were up 2.2% on the year, the weakest growth since February 2006. The data were weaker than expected, with economists expecting a 3.0% decline on the month, but a 4.0% increase on the year. Overall, in the second quarter, retail sales were up 0.6% from the previous quarter, sharply down from the 1.7% growth in the first quarter.

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USD/PHP closes higher at 44.23

Forex News USD/PHP closes higher at 44.23, regaining lost ground as corporates take advantage of pair's early fall to service USD requirements; volume heavy as USD/PHP rebounded after dipping to a 7-week low 43.83; pair expected to move within 44.50-44.00 range, although further weakness in oil price could take USD/PHP to 43.70 support; "Aside from corporates, banks also covered shorts," says a trader with one of the large local banks, adds "oil and inflation remain the key drivers."

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USD/TWD ends at 2-week high

Forex News USD/TWD ends at 2-week high of 30.418 vs 30.394 last close on buying by foreign banks, following short-covering by NDF players amid strong USD, also on demand from oil importers. Despite volume up slightly, "the trading range is still very narrow as investors remain cautious because the pair has been pegged in current level for some time," says local bank trader, noting although USD stronger against major currencies, pair's upside limited as exporters accelerate selling USD near month end. Tips pair to consolidate in 30.380-30.450 next session.

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