GBP weakens on retail sales decline. s continue to dent market confidence. Last week saw selling pressure take hold on Friday as traders removed exposure in anticipation of potential escalation in the Middle East, and we are likely to see the same today ahead of an impending Israeli ground offensive.
From a monetary standpoint, the Bank of England requires consumers to bring an end to their incessant willingness to pay more for goods, with todays weak retail sales figure helping signal the potential for a lower inflation figure going forward. Market sentiment continues to be tilted towards the downside, with US 10-year yields rising to a 16-year high in the wake of Jay Powell’s testimony in New York.
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