Sterling trims its losses after British retail data

On Thursday, the British pound trimmed its losses against the evergreen buck because the data demonstrating a soar in British retail sales in May, pointed out that the British economy’s holding up notwithstanding uncertainty over the upcoming Brexit referendum.

The currency pair GBP/USD traded at 1.4162, climbing up from its earlier minimum of 1.4121.       

The British pound gained support after the Office for National Statistics told that retails sales edged up 6% in May, compared to the same month a year earlier, the greatest annual surge since September.   

Economists had hoped for a 3.9% leap.

April's retail sales growth got revised up from 4.3% to 5.2%, as the ONS states.

Retail sales edged up 0.9% from the previous month, compared with hopes for a 0.2% surge.

Core retail sales, except auto sales, surged 5.7% from a year earlier in May and edged up 1% on the month, thus beating analysts’ expectations.

The data arose as a new opinion survey revealed the Leave campaign in the lead ahead of the upcoming Brexit referendum.

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