In the month of July, retail sales, including auto fuel, experienced a noticeable decline of 1.2% compared to the previous month. This was in contrast
In the month of July, retail sales, including auto fuel, experienced a noticeable decline of 1.2% compared to the previous month.
Despite the subdued performance in retail sales, it's noteworthy that this outcome did not significantly alter the policy stance of the Bank of England . The impact on market sentiment was relatively limited, with the current pricing by swap markets declining only by a modest 2 basis points to 31 bps in relation to the upcoming September meeting.GBP/USD registered small gains last week as Pound Sterling managed to hold resilient against its rivals on hawkish Bank of England .
After the data from the UK revealed last week that wage inflation held strong and core consumer inflation remained sticky early summer, markets started to price in a higher terminal BoE rate. Commenting on the UK inflation readings and how they could influence the BoE's monetary policy, "the BoE will hike key rates another two times until year-end. It might have to take further action in 2024 as well," said Commerzbank analysts.
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