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Pound Sterling Strengthens on Rebound in Retail Sales
TOPICSTags: BoE, GBPUSD, Rebound, Retail Sales
The UK economy received another boost as retail sales rebounded in July, rising by 0.5% month-over-month, after a revised 0.9% decline in June. This positive retails sales data has contributed to a rise in the pound’s value. GBP/USD rose 0.72% last Friday, closed at 1.2940.
(GBP/USD Daily Price Chart)
The recovery in retail sales can be attributed to summer discounts and purchases linked to events such as Euro 2024 and the Paris Olympics, particularly in categories like apparel. Additionally, with inflation now under control and hovering near 2%, consumers are more willing to spend.
While the economy demonstrates resilience in the second quarter, this may not significantly influence the Bank of England’s interest rate trajectory. The recent growth uptick may be temporary, and BoE policymakers have emphasized their focus on inflation, especially service inflation, which remains well above the BoE’s 2% target. Markets are anticipating further rate cuts by the end of the year, with a reduction likely at the November meeting.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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