Surprisingly positive retail sales data has provided the boost the Pound needed to reach over $1.30. The latest UK shopping figures showed that 2.3% more was purchased than throughout the month of March; and 4% more than April 2017.
Other strong results were seen in the UK used car market, which saw 3.4% growth in sales since last year.
David Johnson, Director at Halo Financial commented on the data release: “After the downbeat forecast for UK growth announced last week, these figures are welcome news for the UK economy and offer some much-needed confidence; also providing support for the Gross Domestic Product (GDP) data for Q2 2017.”
Latest UK shopping figures revealed an increase of 2.3%.
He continues, “Recent events in the USA are a shadow looming over global markets, however, as the US Dollar plummets against all its major currency counterparts. In contrast, “safe havens”, including gold, the Swiss Franc and the Japanese Yen, are all benefitting from the US Dollar’s woes. This, in turn, is also flattering the Euro, which ought to be weaker, given current political uncertainty across the Eurozone.”
“We are likely to see further volatility as the situation plays out, so it is advisable to keep a close eye on currency movements in the coming days.”
About Halo Financial
Halo Financial is a leading UK foreign exchange brokerage, offering a comprehensive range of services to individuals and businesses since its inception in 2005. The business prides itself on offering a flexible and personalised approach for each of its clients, simplifying the seemingly complex foreign exchange market to maximise savings in currency transactions, protect against currency risk and make money go further.
Staffed by qualified technical analysts, the company is authorised by the Financial Conduct Authority and HM Revenue and Customs.
“Excellent”, “Reliable”, “Professional”, “Knowledgeable”, and “Helpful”– just some of the great feedback received as a Gold Trusted Service Provider for Feefo.com. The team at Halo are proud that customers rate their services so highly and are happy to recommend to others. The company is always striving to provide the best possible service and to innovate services and products in line with customers’ ever-evolving needs.
Halo Financial won Best Customer Focus category in the 2016 Best Business Awards; received OPP Gold for Best Supporting Service; the Gold Award for Financial Support and Innovation from Relocate Magazine, Commendations in the 2016 and 2017 Moneyfacts Awards and has 5 out 5 Star Customer Gold Merchant Status via independent review website, Feefo.com, winning their Gold Trusted Service award.
For more information, infographics and the latest currency insights, visit www.halofinancial.com/blog