Sterling Benefits from Rising Retail Sales

The Great Britain pound rose today, supported by the government report that showed UK retail sales unexpectedly increasing last month, easing fears of a recession in the United Kingdom.
Seasonally adjusted volume of retail sales rose 0.9 percent in January, following the rise by 0.6 percent in December. Analysts predicted a drop by 0.3 percent. The positive retail data, combined with yesterday’s report about improving consumer sentiment in the UK, allow economists to speculate that Britain may avoid recession. Such speculation makes the pound more attractive to investors.
GBP/USD rose from 1.5798 to 1.5807 as of 13:57 GMT, following the advance to 1.5861. GBP/JPY went up from 124.70 to 125.39, while the intraday maximum was 125.69 — the highest since November 1.

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