S&P 500 higher as U.S. retail sales climb
The benchmark S&P 500 was trading higher on Friday, as data showed that retail sales in the United Sales had risen by more than expected.
Figures from the Commerce Department reported that sales grew by 0.7% last month, with August’s number also revised higher, showing an increase of 0.9%.
Markets had initially expected that sales would slip by 0.2% in September, however today’s numbers highlight that consumers have mainly ignored inflation worries.
Gold was one of the day’s biggest movers, falling by as much as $34 in today’s session.
All major U.S. indices were trading higher on the news.
GBP/USD rallies to 4-week high
The rally in cable continued in today’s session, with GBP/USD climbing to its highest level since September 20th.
Friday’s move saw GBPUSD hit an intraday high of 1.3773, after successfully navigating past the short-term resistance level of 1.3736.
Moves in this pair come as many believe that the Bank of England could be set to increase interest rates, in order to combat rising consumer prices.
In addition to this, it is also expected that the Federal Reserve will begin tapering its COVID-19 rescue programme, despite last month's Non-farm payrolls disappointing.
Many have now forecasted that rates could be heading to as high as 1.3855 in the near term.
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