UK Retail Sales Smash Forecasts Leading GBP to Rally
19 May 2017 by News DeskThursday was a good day for the pound which managed to climb higher against a host of other currency majors after healthy UK retail sales figures surfaced, say currency specialists FC Exchange.
The pound sterling exchange rate hit an eight-month high versus the US dollar on Thursday, breaking through the 1.30 barrier for the first time since September 2016. On the year, the UK saw retail sales climb by 4.5% in April, up from the previous month’s positively revised 2.8%; economists had expected a weaker 2.6%. The month of April registered a 2.0% jump which allowed the annual figure to climb.
Retail Economics Chief Executive Richard Lim commented: ‘The latest data showed shoppers continued to shrug off any Brexit and political uncertainty with retail sales beating even the most optimistic expectations. Despite the surge in inflation and squeeze on households’ finances, consumers were out in force during the Easter break with the warm weather driving sales across the sector.’
Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.
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