Sterling boosted by solid UK Retail sales data
|Sterling bulls were instilled with fresh inspiration during Wednesday’s trading session, after U.K retail sales smashed market expectations by rising 1.0% in August.
Retail sales remain resilient and have risen for three months in a row despite inflationary pressures, which are likely to fuel speculation of the BoE raising interest rates in November. The growth rate for July was also revised higher by the ONS, from 0.3% to 0.6% which added to the overall positivity of the report. With expectations mounting over the BoE raising rates sooner than expected, Sterling which remains sensitive to monetary policy speculation, is likely to venture higher.
Sterling/Dollar climbed higher following the release, with prices clipping 1.3600. Bulls remain in control above 1.3500 with 1.3700 on the cards, if the current upside momentum holds.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.