US retail sales beat expectations as sales rose by 5% last month, a surge from 1.3% in April. Today’s figure was the strongest gain since March 2015 as many economists expected a slowdown in May. Retail sales are a key indicator of consumer spending in the US as some analysts are expecting the FED to raise interest rates tomorrow.
Pound is remaining within its ranges however proving very volatile as it jumps around all over the place. With rumours of the ECB to publicly pledge to backstop financial markets should Britain vote to leave the European Union, an announce from the European Central Banks would come on the 24th of June in an aim to underpin investor confidence across Europe and contain further market jitters. The focus turns to central banks meeting this week.
Latest FX news by Michael Hart