A report out of the UK Office of National Statistics this morning revealed a surprise uptick in retail sales across Great Britain this month. Analysts were expecting zero growth in consumer spending on retail goods and services, but the actual figure has so far helped spur some optimism among traders.
The unexpected jump in retail sales from last month’s contraction of 0.3% to this month’s surprise expansion of 0.6% is helping to further the bullish gains of the British pound (GBP). Should tomorrow’s public sector net borrowing figure reveal further growth in spending, we could see the pound run strongly bullish before the week closes.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
