Sterling blips up after UK retail sales top expectations

The pound bounced on Friday after data showed UK retail sales grew at their fastest pace in nearly three years in January, beating expectations. Retail sales rose at a monthly rate of 3.4% in January, according to the Office for National Statistics, compared with forecasts for an increase of 1.5% in a Reuters poll. The rise was the biggest since April 2021.

Sterling was last flat on the day at $1.2596, having traded around $1.25815 prior to the numbers.

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