Economic news

Pound touches five-day peak, UK retail sales above expectations

The pound gained to a five-day top on Thursday after Britain’s retail sales leaped for a second straight month in May and far overpassed forecasts.

Photo: Reuters

Sterling climbed to $1.3440 from $1.3405 before the numbers, edging up half a percent on the day, supported by the figures which indicated that the economy was rebounding from a steep slowdown in early 2018.

The British currency also advanced against the euro and was up 0.2 percent at 88 pence.

British retail sales volumes increased 1.3% last month, according to data from the Office for National Statistics, following April's surge of 1.8%.

The FTSE 100 extended its earlier decline to scale a session trough, down 0.7 percent, after the stronger than predicted retail sales numbers.

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