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You are visiting the website that is operated by Ultima Markets Ltd, a licensed investment firm by the Financial Services Commission “FSC” of Mauritius, under license number GB 23201593. Please be advised that Ultima Markets Ltd does not have legal entities in the European Union.
If you wish to open an account in an EU investment firm and protected by EU laws, you will be redirected to Ultima Markets Cyprus Ltd (the “CIF”), a Cyprus investment firm duly licensed and regulated by the Cyprus Securities and Exchange Commission with license number 426/23.
Last Friday, official data revealed that British retail sales unexpectedly increased in September, countering earlier indications that consumers were pessimistic about potential tax hikes ahead of the new government’s upcoming budget later this month. Sales volumes rose by 0.3% in September, surpassing economists’ expectations of a 0.3% decline. As a result, the pound sterling gained 0.28% against the US dollar, closing at $1.3047.
(GBPUSD Daily Price Chart, Source: Trading View)
“After a period where high inflation led consumers to spend more but receive less in return, we are now thankfully seeing spending growth accompanied by increased volumes of goods,” said Joshua Mahony, a strategist at Scope Markets. With markets still uncertain about the likelihood of a rate cut at the Bank of England’s November and December meetings, stronger spending data could temper expectations of dovish action.
Meanwhile, the Bank of England is expected to reduce interest rates at least once more this year, likely in November, with the possibility of an additional cut in December. However, with inflation proving more persistent in the UK than in the US, especially in the services sector, and economic activity remaining stable, the BoE is likely to proceed cautiously when considering further reductions in borrowing costs.
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
Why Trade Metals & Commodities with Ultima Markets?
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Markets are susceptible to changes in supply and demand
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Ultima Markets is a member of The Financial Commission, an international independent body responsible for resolving disputes in the Forex and CFD markets.
All clients of Ultima Markets are protected under insurance coverage provided by Willis Towers Watson (WTW), a global insurance brokerage established in 1828, with claims eligibility up to US$1,000,000 per account.
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RISK DISCLOSURE
Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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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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