Sterling Strengthens Over Strong Retail Sales Report, Political Moves Against No-Deal Brexit - Forex News by FX Leaders
GBP/USD

Sterling Strengthens Over Strong Retail Sales Report, Political Moves Against No-Deal Brexit

Posted Friday, July 19, 2019 by
Arslan Butt • 1 min read

Thursday was a good day for the Pound after several days of weakness over Brexit uncertainties, with GBP/USD gaining some ground over a strong retail sales report from the UK. At the time of writing, GBP/USD is trading at 1.254.

The Sterling also strengthened over British MPs stepping and trying to stop Boris Johnson from taking Britain out of the EU without a deal. Boris Johnson has previously suggested that he would consider suspending the parliament in October to force a no-deal Brexit. A majority of MPs approved an amendment that blocks the possibility of suspension between October and December.

In June, UK’s retail sales posted a strong rebound, growing 1% MoM and beating expectations which were for a 0.3% decline, after two consecutive months of contraction. This data has offered a much needed boost to the UK economy, which was headed towards contraction in Q2 2019.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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