- GBP/USD traded back above 1.2860 after US Retail Sales data beat.
- Improving economic data releases ease market fears of US recession.
- UK GDP met expectations, and manufacturing improved more than expected.
GBP/USD recovered back into the high side on Thursday after a bullish tilt in UK data prints coupled with better-than-expected US Retail Sales figures helped to improve overall market sentiment and keep the Greenback pinned on the low side.
US Retail Sales growth lurched to an 18-month high of 1.0% MoM in July, well above the forecast 0.3% and entirely engulfing the previous month’s -0.2% contraction. Improving economic health indicators are helping to stave off recent concerns of a potential recession within the US. However, rate markets got cold water thrown on recent bets of a double cut from the Federal Reserve (Fed) in September.
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