British pound is near day’s maximums on UK retail data

British pound is near day’s maximums on UK retail data

On Thursday, the British pound was near the day’s maximums after data revealed that British retail sales tacked on at a far faster pace than anticipated in November as market participants waited for the outcome of the Bank of England’s monetary policy gathering later in the day.

The currency pair GBP/USD soared 0.25% reaching 1.3452.

In November, UK retail sales rallied 1.1% versus October’s 0.5% leap, surpassing analysts’ estimates of a 0.4% soar, as the Office for National Statistics unveiled.

Retail sales volumes gained 1.6% versus 2016, ascending from October’s flat outcome.

Sales jumped because shoppers benefits from Black Friday bargains, although the report also showed that the underlying trend happened to be weaker.

For the last three months to November sales edged up by 1.0% versus 2016.

Besides this, the report also indicated soaring inflation pressures - average shop prices rising 3.1% in November from 2016.

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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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