GBP remains balanced. Overview for 12.01.2023

gbp-remains-balanced-overview-for-1201.2023

On Thursday, the British pound against the US dollar remains neutral. The current quote is 1.2147.

According to BRC, retail sales in Britain in December grew by 6.5% y/y. This is higher than forecast and higher than in November. Of course, the time of Christmas sales matters. Yet the situation is good all in all.

Curiously, the pound does not react to the weakening of the USD too actively. If the market were normal, the pound would grow significantly, but now is different. Investors are worried by inflation and future steps of the Bank of England concerning the increase in the interest rate.

Moreover, politicians have not yet returned to the issue of Northern Ireland inside the Brexit agreement. Supply chains issues persist. All this complicated the situation for the pound at the moment and in the long run.

Source: Roboforex

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