Pound Sterling picks strength as Retail Sales remain upbeat – by Sagar_Dua24 GBPUSD Fed BOE RetailSales SEO
United Kingdom’s consumer spending in June remained resilient despite the burden of high inflation.
Retail Sales excluding fuel posted growth of 0.8% against a stagnant performance recorded for May and the estimates of 0.1% on a monthly basis. Annualized economic data contracted by 0.9% vs. the consensus of -1.6% and the former release of -1.9%. Market participants seem confident that UK inflation has started cooling down as aggressive policy tightening by the BoE and a decline in the Producer Price Index are collectively attacking price pressures.
Investors are keenly awaiting the interest rate decision by the Federal Reserve , which will be announced on July 26.
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