BER Currency News

BER Home/s

  1. Home
  2. Currency News
  3. Market Updates
  4. Sterling Surges after Impressive Retail Sales but Fails to Hold Gains

Sterling Surges after Impressive Retail Sales but Fails to Hold Gains

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD


GBP/USD 1 Week Chart

The Pound (GBP) rocketed higher yesterday morning following the release of better than expected UK Retail Sales figures for April.

Data published by the ONS revealed that sales leapt from -1.4% to 2.3% last month, their highest level of growth since January 2016 and outpacing forecasts for a rise of 1.0%.

However, Sterling failed to stabilise at its best levels, plummeting again in the evening, with some analysts describing the drop as a ‘mini flash crash’ as there appeared to be little data to support such a dramatic slide.


The Pound Euro (GBP EUR) exchange rate initially soared on Thursday following the impressive UK retail sales figures before retreating again by the end of the session.

The single currency was also able to slow Sterling’s advance thanks to a surprise fall in France’s Unemployment Rate, which fell from 10% to 9.6% at the start of 2017, the first time it has fallen below double digits since 2012.

The Euro may rise again this afternoon with the release of the Eurozone’s latest Consumer Confidence data, with household sentiment expected to rise from -3.6 to -3.0 this month.

US Dollar

Sterling broke past $1.30 against the US Dollar (USD) for the first time since September as markets remained wary of the political scandal engulfing the Trump administration.

The ‘Greenback’ was able to rally in the evening however following a hawkish speech by Cleveland Federal Reserve Bank President Loretta Mester in which she repeated calls for her colleagues to approve further rate hikes this year, sending the market odds of a June rate hike soaring once again.

CME’s FedWatch tool now places the odds of a rate hike at 78.5% up from around 60% before the speech by Mester.

Canadian Dollar

The Pound Canadian Dollar (GBP CAD) exchange rate also found its gains short lived on Thursday with Sterling tumbling in the afternoon as the ‘Loonie’ was strengthened by the continued rise in oil prices following growing optimism that OPEC will agree to extend its production cuts until the end of the year.

Australian Dollar

Sterling also stumbled against the Australian Dollar (AUD) on Thursday, losing around half of its gains from the retail sales report as the British currency was hit by a mysterious ‘flash crash’.

New Zealand Dollar

While the Pound also stumbled against the New Zealand Dollar (NZD) yesterday evening, the pairing was able to trend higher again this morning as the ‘Kiwi’ lost its footing.

TorFX Author: TorFX

"Our company's mission is to provide outstanding exchange rates, expert guidance and a simple, friendly service that people will want to recommend to others." – Jon Beddell (CEO). Contact TorFX for an FX Quote - UK & Europe - Australia & NZ.

You can get in touch with TorFx via email here or via the contact page.
Please note that the opinions of our authors are their own and do not reflect the opinion of BestExchangeRates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

BER logo BestExchangeRates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers

Level 2, 50 Bridge St, Sydney NSW 2000.

Disclaimer | Copyright | Privacy Statement

DISCLAIMER is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking BestExchangeRates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with BestExchangeRates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

BestExchangeRates may receive fees or other benefits in relation to activity on the BestExchangeRates website. BestExchangeRates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of BestExchangeRates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service


This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.