GBP UK retail sales bucked the trend with a 1.6% increase in April, double the consensus forecast. The year-on-year retail sales strengthened to 1.4% from 1.3% previously. Core data was also stronger than expected and Sterling moved higher following the data, although the ONS cautioned that underlying spending growth had...

GBP Headline UK CPI inflation data ticked down to 2.4% for April from 2.5%, failing to meet forecasts and pushing any perceived rate hike further into touch. The core rate also fell to 2.1% from 2.3%, below forecasts of 2.2%.

GBP This morning heralds the first of the week’s UK data, of which the focus will be the CPI figures. Economic growth had gone limp just at the wrong moment, forcing the Bank of England (BoE) out of a widely-anticipated rate hike in May.

GBP Sterling was unsettled yesterday as rumours of an Autumn General Election, that emerged over the weekend, filtered through the markets. Theresa May has ruled out another Scottish independence referendum but, given Brexit concerns, the unease persisted.

GBP With no UK economic data on Friday, underlying Dollar gains continued to pressure Sterling to test support near the 1.3450 mark. The Pound failed to sustain the advance on the Euro and closed around the 1.1440 mark.

GBPSterling moved higher in the early hours of Thursday but quickly lost the gains in the London trading session. The Pound’s rally was instigated by broadsheet headlines that the UK would be willing to stay in the customs union after Brexit.

GBP With no market data for the UK, the market’s eyes were swayed to a new, developing Brexit story. Cabinet office minister David Lidington confessed Prime Minister May’s Brexit customs plan had lawyers looking into the legality for trading with the European Union after Brexit.

GBP Mixed labour market data releases made little impact on the Pound. Average earnings printed 2.9%, a post-August 2015 high and above the rate of inflation. After a decade of real wages being outstripped by inflation, we’re finally bringing home the bacon.

GBP The Pound made a concerted effort to lift itself from the doldrums and rising UK Gilt yields contributed. Ultimately weak growth concerns, especially for retail spending, constrained the gains. Higher oil prices helped underpin sentiment, but Brexit concerns returned after EU chief negotiator Michel Barnier stated there had been...

GBPWith Pound sentiment notably fragile after Thursday’s monetary policy decision and the sharp losses suffered, Sterling attempted to find a baseline on Friday. UK bonds edged higher providing modest protection but the Pound was unable to break above the 1.3600 level against the Dollar.