The major currency pair GBP/USD has regained and is now trading above 1.2100 after upbeat UK Retail Sales.
The Office for National Statistics released the UK CPI data, which came out better-than-expected of 2.1% compared with the forecast of 1.9%. Since the data was released the GBP is now pushing the rates back above the 1.21.
One of the most surprising elements was that department stores growth increased for the first time this year with month-on-month growth of 1.6%, this follows six consecutive months of decline.
According to this move, the markets are ignoring the long ongoing Brexit worries and trade concerns and the retails sales data outweigh downward contributions from transport services and domestic fuels principally electricity and gas.
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