This morning, the British pound (GBP) has shown strength, breaking through the 1.20 barrier against the euro (EUR) and approaching 1.30 against the U.S. dollar (USD).
This rise was fueled by better-than-expected retail sales for February. Initially, a contraction was forecasted, with expectations that retail sales would fall by 0.3%. However, actual data revealed a 1% increase, driven by strong performance in the clothing and household goods sectors. Over the past three months, retail sales have grown by 0.3%, signaling positive momentum in the market.
However, this uplift may be short-lived. Earlier this week, Chancellor Rachel Reeves downgraded economic growth predictions for 2025, raising concerns about long-term stability.
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