Sunday, 27 May, 2018

Sterling above $1.30 as retail sales surge

BloombergThe pound has surged against the dollar BloombergThe pound has surged against the dollar
Laurie Berry | 19 May, 2017, 07:03

The Pound leapt over $1.30 for the first time since early October as data released by the Office for National Statistics (ONS) showed that United Kingdom retail sales surged from -1.4% to 2.3% in April, sailing past forecasts that sales would only grow 1.0%.

Sterling climbed against all of its 16 major peers after the report showed the volume of goods sold in stores and online rose 2.3 percent.

The rebound was well above the 1.1 per cent expected by economists, prompting a big surge in the pound to highs of $1.3046 against the dollar at the time of writing.

Sterling was 0.1 percent lower at $1.2962 by 0737 GMT, after again testing the $1.30 mark on Wednesday. It also climbed to 85.46 pence per euro, up 0.7 percent on the day.

The surge comes as Trump's presidency is engulfed in controversy and the United Kingdom economy continues to grow.

Pochettino: today is my favorite memory of White Hart Lane
Speaking to SFR Sport on Sunday , he said: "I've been at Tottenham for five years, and I've always found White Hart Lane unique". Mauricio Pochettino's side lost 4-2 to Premier League champions Chelsea in the FA Cup final at Wembley last month.

The dollar fell to its lowest levels since Donald Trump's election last November after Reuters reported that his campaign had 18 undisclosed meetings with Russian Federation during the last seven months of his presidential campaign, with questions being raised over whether he could be impeached.

That adds to signs from the Bank of England that it will not raise interest rates for another two years.

Last week, the Bank of England warned that slowing wage growth and higher consumer prices could impact sentiment and erode growth potential, but nonetheless noted that uncertainty related to the country's pending exit from the European Union had somewhat abated.

"In time, we sense United Kingdom economic releases will fall over, just not yet", Mizuho's head of hedge fund FX sales Neil Jones said.

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