UK retail sales rebound in April

UK retail sales rebound in April

U.K. retail sales rebounded more than forecast in April, helping the British pound to extend its gains versus its U.S. counterpart.

Sales volume advanced 2.3 percent last month, following a revised fall of 1.4 percent in March. Analysts had predicted a 1.2 percent surge.

The ONS attributed the sharp increase to the warm weather that boosted spending on food, home improvements and gardening equipment.

The year-on-year reading showed that sales volume was 4.0 percent up, compared to a previous of 1.7 percent. 

As of 09:00 GMT, the pound traded higher versus the U.S. dollar at 1.3017, surpassing 1.30 level for the first time since last September.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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