MPC Minutes and Strong Retail Sales Boost GBP
Today, the markets have fully focused on the UK, with sales figures being released as well as the minutes from the MPC meeting held on the 7/8th May.
Retail sales increased for a third month in April and have now posted 3 monthly gains for 14 consecutive months, which is the longest stretch since 2007.
Food sales alone increased 3.6% in April, which was the biggest rise since April 2011. This is due to higher consumer confidence and we should hopefully see consumer spending continue to increase.
The minutes from the MPC meeting showed that although voting to keep interest rates on hold was unanimous, the prospect of a rate hike was discussed and could happen as early as February.
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