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Pound Strengthens as Shop Prices Show End of Deflation

August 29, 2018 at 13:20 by Vladimir Vyun

A heap of different GBP notesThe Great Britain pound was relatively strong today as data showed that shop prices showed inflation for the first time in more than five years. The Brexit fears were still weighing on the currency.

The Shop Price Index reported by British Retail Consortium increased 0.1% in August, year-on-year, after falling 0.3% in July. It was the first increase in more than five years. While the data was supportive to the sterling, market participants were still worried that chances of a “hard” Brexit continue to increase.

GBP/USD traded at 1.2875 as of 13:10 GMT today, close to the opening of 1.2866. EUR/GBP dropped from 0.9087 to 0.9065, reaching the low of 0.9042 intraday.

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