Home » Currency Note » Currency Note » Currency Note GBP » GBP: Sterling reaches one-week high

Sterling is near one-week highs this morning, as rhetoric around blocking a no-deal Brexit ramp up. Despite this, Labour’s plan to install Jeremy Corbyn as caretaker Prime Minister has been met with opposition from key potential allies, such as the Liberal Democrats. Lib Dem leader Jo Swinson has reportedly offered to meet Corbyn in the coming days, to discuss who else might be able to lead an emergency government. The SNP and Plaid Cymru have not ruled out supporting a cross-party government.

The pound was also given a boost by stronger-than-expected retail sales data, which raised hopes that the economy may be in better shape than previously thought. Monthly sales volumes rose 0.2% after a 0.9% surge in June, beating the forecast of a 0.2% decline. This was mainly driven by online shopping, with the strongest growth in online spending in three years.

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