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UK retail sales hit a 7-month high

The Pound is currently one of the best performing G10 currencies..


After a tough winter, UK retail sales have seen an improvement in March. In fact, it's the first time a positive figure has been seen since last October. A rebound in activity is encouraging for the months ahead and it's yet another tick in the UK economy checklist in 2023 so far.

BoE Governor Bailey's speech was a bit of a non-event in the end last night after explaining what we already know in terms of the central banks' current approach to inflation. But interestingly, Bank of America have forecast no further rate hikes can be expected from the BoE this year and rate cuts will start at the beginning of 2024. 

The banking sector fallout has yet to reach UK shores (if it is coming at all) and it has created much needed improvement in GBP's value. So much so, that many analysts are expecting to see further strength in the Pound in the upcoming days/weeks. Credit Agricole for instance expect to see a vast improvement based on their algorithmic trading system that suggests to £-€1.15 mid-market levels.