The Great Britain pound jumped today, erasing its earlier losses versus the US dollar, as retail sales unexpectedly increased, giving hope that the UK economy is in a better shape than was previously considered.
UK retail sales advanced 0.3 percent in July from the previous month on a seasonally adjusted basis. That was a pleasant surprise for market participants as the consensus forecast predicted no change. Moreover, the June growth was revised from 0.1 percent to 0.8 percent. The positive data led to belief that Britain’s economy not as bad as was thought.
GBP/USD climbed from 1.5679 to 1.5725 as of 12:55 GMT today, following the decline to 1.5635. GBP/JPY advanced from 123.81 to 124.58.
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