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Retail sales rose 0.7% in June from May, beating forecasts for a 0.2% rise, while year-on-year they fell 1.0%, versus expectations for a 1.5% drop, according to official data. Sterling rose as much as 0.28% to a session high of $1.2904 after the figures. That data had prompted traders to lower their expectations that UK rates would rise as high as 6%.
Reuters| London | United Kingdom
Updated: 21-07-2023 11:48 IST | Created: 21-07-2023 11:40 AM IST
The pound rebounded on Friday after data showed UK consumer spending was stronger than expected in June, despite high inflation, as wage growth picked up, supporting the case for more Bank of England rate hikes this year. Retail sales rose 0.7% in June from May, beating forecasts for a 0.2% rise, while year-on-year they fell 1.0%, versus expectations for a 1.5% drop, according to official data.
Sterling rose as much as 0.28% to a session high of $1.2904 after the figures. Last time it rose 0.2%. The pound was still heading for its biggest weekly loss against the dollar since January, after separate data earlier this week showed British inflation cooled much faster than expected last month. That data had prompted traders to lower their expectations that UK rates would rise as high as 6%.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
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