Retail sales in the UK grew by 0.3%, better than a drop of 0.1% expected. In addition, this comes on top of an upwards revision to last month’s data: a rise of 0.8% instead of 0.1%.
GBP/USD reacted with a jump above 1.57 before retreating. It traded around 1.5650 before the publication, and the good figures sent it back to the range seen in previous days.
Year-over-year, sales rose by 2.8%, far better than a modest gain of 1.4% that was expected. Core sales remained unchanged (-0.2% exp.) or +3.3% (2%) year over year.
Since the beginning of August, the pair has been chopping its way up, but the 1.58 level looms above.
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