GBP/USD crumbles and there may be more to go. BoE rate decision and the UK mini-budget are key next week.
UK retail sales figures released early in the session underscored a high street in trouble. Retail sales volumes fell by 1.6% in August, continuing a downward trend since summer 2021 according to the Office for National Statistics. The ONS wrote ‘All main sectors fell over the month, this last happened in July 2021, when all legal restrictions on hospitality were lifted’. Worryingly, retail sales volumes fell by 5.1% in the three months to August 2022, while sales values rose by 5.
As noted in the story above, the Bank of England meets this Thursday to announce its latest monetary policy decision, with a 50 basis point rate already fully baked-in. The UK central bank is in an awkward situation as they announce their decision one day before an emergency mini-budget is delivered by chancellor Kwasi Kwarteng.
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