The Pound has strengthened against the US Dollar and recouped some of its losses against the Euro after retail sales rose by 0.2% in June compared to the month before.
According to the Office for National Statistics retail sales figures were up by 2.2% from the previous year. Junes rise was less than the 2.1% recorded in May and matched economist expectations of a slowdown in June. The currency would have declined against its peers if it showed negative growth.
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5210
Retail sales were aided by non-specialist stores such as department stores, which grew at their strongest rate since March 2012. Their sales improved by 3% after being boosted by promotional deals and sales.
“This rise in retail sales probably has some legs,” David Tinsley, an economist at BNP Paribas SA told Bloomberg. “Consumer spending broadly can help the current run-rate of GDP growth move higher.”
July’s figures will probably see a strong showing as the UK basks in a month long heat wave. It is expected that the sale of BBQ goods and garden goods will particularly see a big boost.
The data adds to signs that the UK economy is making a recovery. The average weekly spend on retail goods increased to £6.9 billion in June compared to the £6.6 billion spent in the previous year. The improving economic situation means that consumers are beginning to loosen their wallets.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5210 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1597 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6575 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9280 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6594 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8639 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6032
(As of 11:00 am GMT)
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