The volume of retail sales in the UK for June was expected to rise by 0.2% after a leap of 2.1% in May and the result was exactly as expected. The year on year rise is 2.2%, more than 1.7% expected.
GBP/USD was pressured earlier in the day, and traded at around 1.5170 prior to the publication. The pair is now erasing the falls from the previous hours and moving above 1.52.
Pound sterling got a boost from a yesterday’s MPC Meeting Minutes, where it was revealed that no member voted for additional QE in the July meeting. In addition, the number of jobless claims dropped dramatically.
The pound seems very sensitive to any piece of data. A small miss in the CPI, 2.9% instead of 3% expected, sent GBP/USD lower. In today’s case, the “as expected” outcome was enough to erase all the previous losses.
The peak yesterday was 1.5267 and the pair found support at 1.5155. For more on the pound, see the GBP/USD forecast.
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