Sterling steady as BRC data is mildly disappointing

Monday was a very quiet one from a data perspective. Hence, the markets bided their time watching the dreadful events in the Israel – Palestine conflict. The pound did pick up some strength on most fronts overnight after the British Retail Consortium published a 2.8% rise in retail sales activity in September compared to the same month in 2022. That created small rises in the GBP/AUD  rate (AUD 1.915 this morning), GBP/NZD (up nearly a cent to NZD 2.0316) and GBP/CAD (1/3 of a cent higher at CAD 1.6638). However, the safe-haven buying of the US dollar kept GBP/USD down below $1.2250. Tuesday is another data void but we will see and hear from several central bank speakers, including Christine Lagarde, the President of the European Central Bank. So, there are reasons for volatility if you look hard enough.