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By Leigh Smith

Moderate gains were seen against the USD for sterling as retail sales figures were slightly better than expected at 0.6%. This was mainly due to an increase in consumers rushing to electrical stores ahead of the World Cup. With an increase in retail sales, I would expect to see Q2 GDP figures in July show a sustained level of growth. This should quell any fears of a double dip recession, for now at least, and may be sterling positive.

The gains seen by sterling were complimented by the Secretary to the Treasury’s announcement on cuts to current and new government projects. The Labour government had promised around £34bn for new initiatives, including a new visitor centre at Stonehenge. Alexander confirmed that 1/3 of this would either be suspended or cancelled all together and helped the Pound through increased confidence that the government can tackle the budget deficit.

By Leigh Smith

For anyone looking to buy USD then today’s data releases could prove influential to GBPUSD exchange rates. at 9.30am UK CPI (consumer price index) figures are released, with positive figures expected.

If this is the case, we may see the cost of buying US Dollars decrease so why not submit an enquiry now, and an award winning currency broker will be in touch to explain how to make the most of this.