GBP/USD remains depressed post-UK Retail Sales, holds above 1.2400 ahead of PMIs – by hareshmenghani GBPUSD RetailSales Fed BOE Currencies
pair currently trades around the 1.2425-1.2420 region, down over 0.15% for the day, and reacts little to the latest UK macro data.
The UK Office for National Statistics reported this Friday that domestic Retail Sales contracted more-than-expected, by 0.9% in March and reversed a major part of the rise recorded in the previous month. Furthermore, sales excluding fuel also missed consensus estimates and dropped by 1% during the reported month as compared to the 1.4% rise reported in February.
The downside for the GBP/USD pair, however, seems cushioned, at least for the time being, amid rising bets for an additional interest rate hike by the. Against the backdrop of stronger UK wage growth data released earlier this week, the stubbornly high inflation should keep pressure on the BoE to raise interest rates further. This makes it prudent to wait for strong follow-through selling before confirming that this week's bounce from the 1.
Nevertheless, the GBP/USD pair remains on track to register modest weekly gains as market participants now look forward to the release of the flash PMI prints from the UK and the US for a fresh impetus. This, along with the US bond yields and the broader risk sentiment, will influence the USD price dynamics and produce short-term trading opportunities around the
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