The Sterling gained 14 base points against the US Dollar, as the UK Retail Sales report showed slightly better-than-expected data. The GBP/USD currency pair rose 0.11% to be seen trading near the 1.2901 mark just for a while and then retreated to the previous level. However, on Friday morning the Pound was strong enough to repeat the post-release gains.
The Office for National Statistics revealed that Britain’s retail sales surged 0.3% month-over-month in July, above expectations for a 0.2% rise, though the figure was weaker than a 0.6% registered in June. Higher food sales managed to offset a decrease in spending on other goods. Moreover, the UK retail sales are expected to show modest expansion this year, if real wage growth keeps falling behind inflation.
