Home Breaking Pound jumps after upbeat retail data

Pound jumps after upbeat retail data

by Purvai Dua
14th Jun 18 2:47 pm

Good weather and royal wedding boost ONS data

The pound jumped 0.5 per cent today after latest data showed a larger than expected rise in May retail sales, amid a royal wedding and warm weather.

According to latest Office for National Statistics (ONS) data, retail sales volumes in the month rose by 1.3 per cent, after they rose a revised 1.8 per cent in April.

The data also showed strong growth in online spending, which has forced many traditional retail firms to close stores.

Supermarkets and other retailers said shoppers spent more on food and household goods before the wedding of Prince Harry and Meghan Markle in the middle of the month, the ONS said.

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