30 July 2003, 11:29  Sterling takes time out befor CBI, Gfk data

LONDON, July 30 - Sterling hugged a narrow range just off its two-week high against the dollar on Wednesday ahead of key British retail survey and consumer confidence data. In the Confederation of British Industry's distributive trends survey, due at 1000 GMT, the balance of firms saying sales are up against those saying they are down is expected to rise to 12 in July from 10.0 a month ago. British consumer confidence by GfK, also at 1000 GMT, is expected to improve to -1.0 in July from -2.0 in the previous month. "We are stuck in tight ranges so far, we have to wait for the CBI and GfK data to see what happens," a London-based trader said. By 0715 GMT sterling stood at $1.623 having risen to a high of $1.6310 on Tuesday after strong UK consumer borrowing numbers. Against the euro it was unchanged from late New York levels at 70.41 pence. British Prime Minister Tony Blair gives a news conference at 0900 GMT.

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