The British Pound popped back above GBP/USD 1.2500 after UK retail forex markets sales beat even the most optimistic analyst expectations.
Forex markets data showed the volume of goods sold online and in store rose by 1.9% quarter-on-quarter, dwarfing analysts’ expectations of a +0.4% increase.
On a year-on-year basis, the retail industry was estimated to have grown by +7.4% in October, according to the Office for National Statistics (ONS). In value terms, sales were up by +6.6%, the highest forex rate of annual growth seen since 2002.
Commenting on the forex markets data, Kate Davies, ONS senior statistician said, “The strong figures this month have been boosted by several factors. Cooler temperatures in October boosted clothing sales as shoppers took their cue to purchase winter clothing, while the supermarkets benefitted from Halloween.
This has also coincided with the strongest growth in internet sales seen for five years.”
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