On Friday, Bitcoin as well as key crypto assets managed to ascend, thus finding themselves on track for back-to-back winning trading marathons…
British pound remains lower versus greenback
On Thursday, the British pound remained weaker versus the moderately stronger greenback notwithstanding data showing that British retail sales ascended at a faster than expected tempo in June.
The currency pair GBP/USD hit 1.2969, which is not far the day’s minimums of 1.2973.
According to the Office for National Statistics, retail sales grew 0.6% the previous month, in contrast with predictions for a 0.4% leap, having dropped 1.1% in May.
On a year-over-year basis retail sales rallied 2.9%, ahead of predictions for a 2.5% jump.
The soar was backed by warmer weather that helped to boost sales of summer clothing and compensate dips in food as well as fuel sales, as the ONS informed.
The report showed that consumer spending keeps holding up in the face of soaring inflation. It definitely erodes household incomes.
Inflation has abruptly accelerated since the previous year’s Brexit vote because the steep sag in the British pound bolstered import prices, provoking fears over a dip in living standards with wages lagging growing prices.
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…