The pound fell on Friday after retail sales figures unexpectedly fell for a fifth month in a row last month, despite a rush of motorists filling their cars with fuel, adding to signs that Britain’s economic recovery is losing momentum. The data showed sales volumes dropped by 0.2% in September, as supply-chain problems led to gaps on store shelves. It marked the longest run of consecutive monthly falls since the series began in 1996 and fell far below economists’ expectations in a Reuters poll for a rise of 0.5%.
Sterling kicked off this morning’s session in a much more positive fashion following reports of constructive Brexit discussions from the UK government on the Northern Ireland protocol.
After the recent news surrounding interest rate hikes market participants will be keeping a close eye on the UK’s budget which chancellor Sunak is releasing Wednesday lunchtime as any shockwaves could derail the foundations of the pounds recent strength.
Have a great day.
Author: William Jones, Senior Relationship Manager.
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