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Sterling Jumps Above 1.3000 After U.S. Data Fall Below Expectations

Jul, 14th 14:55

The British Pound soared to nearly ten-month highs versus the dollar on Friday, supported by hawkish comments from a BOE official. Meanwhile, the greenback traded lower after a pair of data releases disappointed markets.

The pair GBPUSD added more than 1.0 percent in the last session of the week to trade above $1.3000 for the first time since September 22nd, 2016. Sterling extended recent gains on the back of comments from Bank of England policy maker Ian McCafferty. The BOE policy maker claimed that the central bank should unwind its 435 billion pound quantitative easing program earlier than planned given strong jobs data and 42-year-low unemployment rate.

By contrast, the dollar lost ground versus most of its peers, continuing to slide further after downbeat inflation and retail sales data. The U.S. Bureau of Labor Statistics on Friday reported that the consumer price index was unchanged in June. Analysts had expected for a rise of 0.1%. On a yearly basis, the rate of inflation slowed to 1.6% in June (the smallest gain since October 2016) from 1.9% in the prior month.

Meanwhile, data on retail sales were reported to unexpectedly fall 0.2% last month following a decline of 0.3 percent in May.

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