GBPUSD hits fresh 3-year high

The Great Britain pound accelerated gains to climb over half a percent on the day against the dollar on Friday following better than expected economic data. The Office for National Statistics (ONS) reported that Retail Sales, a key measure of consumer spending, rose at a robust pace of 1.2% on the month, compared to estimates of 0.2% and the 0.1% growth seen in March, revised lower from 0.4%. On year, the consumer spending measure grew by 5%, faster than expectations of 4.5% and the prior release of 2.6%. Besides, flash UK S&P Global Purchasing Managers Index (PMI) data for May came in better-than-expected. Weakness in the dollar overseas also contributed to gains in the counter. GBPUSD pair hit a fresh three year high of $1.3494, its highest level since February 2022. On the NSE, GBPINR pair edged lower at 115.10 amid broad strength in INR.

 

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