UK Retail Sales provides Sterling with a Boost against the US Dollar and Euro (Tom Holian)

UK Retail Sales saw a huge jump vs the expectation after the British Retail Consortium announced the figures for year on year at 0.5% compared to the expectation of -0.9%.

UK data has been rather mixed as of late but this has come as a welcome boost which has seen Sterling recover its gains against the Euro over the last couple of trading sessions.

Trade Balance for France has also struggled compared to the expectation so this has caused the Euro to weaken vs Sterling. As one of the largest countries in the Eurozone this is not good news for the single currency.

However, it appears as though in the last few weeks the Brexit sentiment is causing the most movement for GBPEUR rates.

Prime Minister David Cameron will be up against Nigel Farage in a live public debate on the European Union and depending how this goes we could see Sterling rising against all major currencies if Cameron comes out on top.

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