The pound climbed above $1.30 for the first time since September after a report showed U.K. retail sales gained more than economists expected in April.
Sterling climbed against all of its 16 major peers after the report showed the volume of goods sold in stores and online rose 2.3 percent, more than twice the median increase forecast by economists in a Bloomberg survey. The data pushed the currency through the psychologically important level that has acted as resistance in the rally since Prime Minister Theresa May called a snap election last month.
The milestone marks the latest stage of recovery for the pound, which tumbled following Britain’s vote to leave the European Union. At its lowest point since the vote the currency was 20 percent weaker from June 23, a decline it has now trimmed to about 12 percent.
DAX Slips as Trump Crisis Spooks Markets
EUR/USD – Euro Gains Ground as US Political Turmoil Intensifies
Commodities Soar As Allegations Fly
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
Latest posts by Craig Erlam (see all)
- Market Insights Podcast (Episode 120) - 07/10/2020
- Week Ahead – Bring on Earnings Season - 07/10/2020
- European Open – A Testing Day For Stocks - 07/10/2020