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Sterling recovers from lows, helped by strong retail sales


Thursday, 18 July 2019 16:30 WIB

poundSterling,Poundsterling


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The British pound rose on Thursday after stronger-than-expected retail sales numbers and as traders betting against the currency took some profits following this week's plunge, which came amid new concerns about the threat of a no-deal Brexit.

British retail sales rebounded unexpectedly in June, rising 1% over the previous month, according to official data. A Reuters poll of economists had forecast a month-on-month retail sales contraction of -0.3%.

Compared with June 2018, sales were up by 3.8%, stronger than all forecasts.

Several economists have predicted the UK economy shrank in the second quarter but the strong retail sales numbers may raise hopes that the economy kept growing.

Sterling dropped to a 27-month low against the dollar this week after the two candidates to replace Prime Minister Theresa May appeared to push for a no-deal Brexit if they cannot renegotiate a proposed withdrawal agreement with the European Union.

The pound rose 0.4% to $1.2485 after the retail sales numbers, having traded around $1.2470 beforehand.

That helped the currency move further away from the 27-month low of $1.2382 hit on Wednesday.

Against the euro, sterling recovered 0.3% to 90.030 pence . It had hit a six-month low of 90.51 pence on Wednesday.

Source : Reuters


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