Sterling Weakens on Poor UK Retail Sales

Written by

Anthony Bull

Daily Currency Update

Sterling Weakens on Poor UK Retail Sales; Markets Eye US
Durable Goods Data and Fed Speech

In the UK, May’s Gfk Consumer Confidence improved to -17 from -19, exceeding expectations. However, Aprils Retail Sales tell sharply by 2.3% month-on-month, which
is much worse than the forecasted -0,4%

In the US, the April Durable Goods Orders will be released at 1:30 PM. It is expected to decrease by 0.8% alter an increase of 2.6% observed

Later, at 2:35 PM. Federal Reserve Governor Christopher Waller will deliver a keynote address at the Roykjavik Economic Conference in Leland. As a 2024 FOMC voting member, his comments will be important for
understanding the Fed s policy outlook. especially
regarding inflation and interest rates.

The GBP/USD pair struggles to maintain its recovery momentum, trading near 1.2695 during early Asian hours
on Friday, following disappointing UK retail sales date
Meanwhile, the dollar is poised for its largest weekly gain In a month end & halt, driven by unexpectedly strong US, economic data, which has heightened market concerns about U.S. inflation and potential interest rate hikes.

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