EUR/GBP holds below 0.8350 following stronger than expected UK Retail Sales By Frank_Macro EURGBP RetailSales
Retail Sales
figures that showed sales were up 1.9% MoM, better than the expected 1.0% MoM gain, showing a substantial portion of December’s 4.0% MoM drop had been recovered. Recall that the rapid spread of the Omicron variant in the UK in December and an associated tightening of Covid-19 curbs had weighed on spending at the time.falling off sharply since mid-January and the government removing virtually all restrictions , the recovery is expected to continue in February and March.
That probably explains why EUR/GBP wasn’t able to push substantially below Thursday’s lows in the 0.8330s on Friday, though the pair did squeeze out a fresh weekly low at 0.8331. Another factor lending some support was hawkish commentary ECB policymaker and Slovak central bank governor Peter Kazimir, who threw his support behind an axing of QE in August and immediate rate hike thereafter.
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