The Great Britain pound gained on the US dollar even though the retail sales report released from the United Kingdom today was disappointing. Against other major currencies, the sterling declined.
UK retail sales dropped 0.6 percent in October from the prior month while experts had predicted smaller drop by 0.4 percent. Moreover, the September increase was revised negatively from 1.9 percent to 1.7 percent. The lackluster report added to speculations that the Bank of England will be forced to keep interest rates at the extremely long levels for a prolonged period.
GBP/USD gained from 1.5233 to 1.5269 as of 12:24 GMT, reaching the high of 1.5293 intraday. Meanwhile, EUR/GBP rallied from 0.6995 to 0.7012, bouncing from the daily low of 0.6982.
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