The Great Britain pound climbed today after retail sales rose last month much more than was anticipated. The currency trimmed its gains by now, losing them against the Japanese yen completely.
The Office for National Statistics reported that retail sales grew 1.0% in August from the preceding month compared to the medium forecast of 0.2%. On top of that, the July increase was revised from 0.3% up to 0.6%. The positive data proves that the hawkish stance demonstrated by the Bank of England was not unwarranted, and it may encourage the central bank to start monetary tightening sooner rather than later.
GBP/USD rose from 1.3506 to 1.3602 intraday before retreating to 1.3535 as of 10:50 GMT today. GBP/JPY traded at 150.55 after opening at 150.69 and rallying to the daily high of 151.47.
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