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GBP/USD halts downside turnaround, finds another green day. UK GDP and industrial activity meet or beat expectations, US Retail Sales surge. UK Retail Sales and US Consumer Sentiment on the docket for Friday. GBP/USD found the gas pedal on Thursday after a steeper-than-expected recovery in US Retail Sales pushed Cable back into the high end. Market sentiment rebounded on the day after fears of a possible US recession were cooled by US data beating expectations, and the Pound Sterling caught additional bullish momentum from UK Gross Domestic Product (GDP) growth meet expectations and UK Manufacturing Production handily exceeding forecasts in July.  Coming up on Friday, UK Retail Sales are expected to rebound from a recent downswing. MoM Retail Sales in July are forecast to rise to 0.5% after the previous month’s -1.2% contraction, with the YoY figure expected to surge to 1.4% from the previous -0.2% contraction. On the US side, the University of Michigan’s Consumer Sentiment Survey Index is expected to show an improvement in consumer economic expectations, with the figure forecast to tick up to 66.9 from an eight-month low of 66.4. Economic Indicator Retail Sales (MoM) The Retail Sales data, released by the US Census Bureau on a monthly basis, measures the value in total receipts of retail and food stores in the United States. Monthly percent changes reflect the rate of changes in such sales. A stratified random sampling method is used to select approximately 4,800 retail and food services firms whose sales are then weighted and benchmarked to represent the complete universe of over three million retail and food services firms across the country. The data is adjusted for seasonal variations as well as holiday and trading-day differences, but not for price changes. Retail Sales data is widely followed as an indicator of consumer spending,…

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Filed under: News - @ August 15, 2024 11:28 pm