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20 Jun 2013
Flash: UK's May retail sales sore – BBH
FXstreet.com (London) - BBH Global Currency Strategy Team said that UK's May retail sales rose more than twice what the market expected. They explain that headline retail sales rose 2.1%, more than offsetting the 1.1% decline in April and March's 0.5% fall.
Even excluding fuel, retail sales rose 2.1%. They noted that the majority of the MPC rejected the Governor King-led faction that has persistently pressed to re-launch the gilt purchase operations. Carney replaces King next month and may find it just as difficult, especially with the uptick in inflation and economic activity, to be any more activist, they said and suggest this may be helping sterling almost keep pace with the dollar today. “It is the strongest of the major foreign currencies today”.
Even excluding fuel, retail sales rose 2.1%. They noted that the majority of the MPC rejected the Governor King-led faction that has persistently pressed to re-launch the gilt purchase operations. Carney replaces King next month and may find it just as difficult, especially with the uptick in inflation and economic activity, to be any more activist, they said and suggest this may be helping sterling almost keep pace with the dollar today. “It is the strongest of the major foreign currencies today”.