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May 26 - 04:55 AM

GBP/USD - Scales Intra-Day Peak After UK Retail Sales Data

By Rob Howard  —  May 26 - 02:45 AM
  • Cable rises to 1.2351 (intra-day high) following UK retail sales data

  • Up 0.5% in April vs 0.3% f/c; March revised down by 0.3% to minus 1.2% MM

  • 1.2308 was Thursday's seven-week low for GBP/USD, as gilt yields soared

  • Soaring UK borrowing costs force lenders to hike mortgage rates nL8N37M4ON

  • Pound caught between rate spike and gilt rupture. 5.5% BoE peak rate priced

  • Biden, McCarthy appear near two-year deal on US debt ceiling nL1N37M129

Source:
Refinitiv IFR Research/Market Commentary

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