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17 Oct 2013
GBP/USD gains on continuing solid UK macro data and US debt ceiling short-termism
FXstreet.com (London) - GBP/USD continues to climb on UK retail numbers and the prospect of continuing Fed action.
Figures released this morning by the Office for National Statistics defied expectations with retail sales (including fuel) rising 0.6 percent from August, compared with a 0.8 percent drop the previous month.
The numbers come as part of a consistent run of positive UK macro data and has helped to push sterling up 0.76 percent against the dollar.
On the other side of the pair, the temporary extension of the debt ceiling passed yesterday had pushed market expectations of any Fed tapering well into next year. The prospect of continuing ultra-loose monetary policy has weighed on the dollar, which has struggled across the board.
Figures released this morning by the Office for National Statistics defied expectations with retail sales (including fuel) rising 0.6 percent from August, compared with a 0.8 percent drop the previous month.
The numbers come as part of a consistent run of positive UK macro data and has helped to push sterling up 0.76 percent against the dollar.
On the other side of the pair, the temporary extension of the debt ceiling passed yesterday had pushed market expectations of any Fed tapering well into next year. The prospect of continuing ultra-loose monetary policy has weighed on the dollar, which has struggled across the board.