June 6, 2023 – Written by John Cameron
Leave a comment STORY LINK Pound US Dollar Exchange Rate News: GBP/USD Wavered on Stuttering UK Retail Sector
Pound (GBP) Underpinned by Elevated Rate Hike Bets
The Pound (GBP) started the day on the back foot as the British Retail Consortium (BRC) reported underwhelming retail sales growth.
The BRC revealed that sales had only risen by 3.7% on a yearly basis, compared to last month’s 5.2% growth YoY in March. Despite still climbing, it represented the lowest level of expansion in seven months. Soaring food prices undermined the three bank holidays and saw consumer spending reduced on non-essential items. Helen Dickinson, Chief Executive…
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