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Forex pairs in this Article » GBP/USD (New York) - According to Lee McDarby, Corporate Treasury at Investec, “Whilst stocks had bigger issues on their mind, the GBP/USD performed more positively yesterday helped by some data earlier this month.”

Data showed that volumes increased by 2.1% in the month of May beating the expectation of 0.8% growth by a considerable margin. Over the course of the year sales now stand 1.9% higher so whilst the figures are volatile and look to be supported by the weather this time around, they do provide a relatively upbeat assessment of the health of the UK consumer as we head further into Q2, particularly on the back of the softer April reading, suggesting the softness of the recent outturns has not properly reflected the underlying position.

As is always the case for a Friday, today has the potential to be a volatile day. With little out on the data front except public finance data from the UK this morning, broader markets will be keeping a close eye on equities as the market tries to establish some more permanent direction following Ben Bernanke’s speech on Wednesday night.
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