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Pound Rises with Retail Sales

October 17, 2013 at 15:20 by Vladimir Vyun

Stacks of coins and a fan of pound notesThe Great Britain pound rose today as September growth of retail sales was above forecasts, confirming that the UK economy is on the path to recovery. The currency also surged against the US dollar as default in the United States was averted.

Retail sales rose 0.6 percent in September from August, slightly above market expectations of 0.5 percent. It looks like the recent string of negative reports from the United Kingdom was short-lived and flow of the overwhelmingly positive data has resumed. The sterling joined other currencies in the huge rally against the dollar after US politicians narrowly avoided default.

GBP/USD jumped from 1.5948 to 1.6157 as of 15:20 GMT today. GBP/JPY rose from 157.50 to 158.04 after falling to 157.06.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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