The Euro climbs to 0.8550 against the British Pound, defying robust UK retail sales growth of 1% MoM in June.
The Euro extended gains against the British Pound, pushing the EUR/GBP pair to 0.8550, its highest level in two weeks. The move came despite stronger-than-expected UK Retail Sales data for June, which rose 1% month-on-month, beating forecasts of a 0.3% decline.
UK Retail Sales grew 4.2% year-on-year, surpassing the estimated 2.3% increase and the previous month’s 3.5% reading, revised upward from 3.2%. The data had initially fueled expectations of a near-term Bank of England rate hike, but the Pound remained under pressure against major currencies.
The British Pound was the weakest against the Australian Dollar in today’s trading session, reflecting broader weakness despite the positive economic print.