11 Jun 2015
GBP/USD bounces sharply as dollar fails to sustain gains
FXStreet (Córdoba) - GBP/USD dipped to fresh daily lows only to bounce sharply and climb to the 1.5510 area following the release of US retail sales data.
US retail sales rose 1.2% in May, a sign of increasing consumer spending, beating expectations of a 1.1% increase and following a flat reading in April. Excluding autos, sales climbed 1.0% versus 0.7% expected.
However, the dollar failed to capitalize the slight beat reading and after a short-lived spike, it fell across the board. GBP/USD dipped to a low of 1.5421 but quickly recovered to a high of 1.5511, cutting most of its intraday losses. At time of writing, the pair is trading at 1.5495, still 0.20% below its opening price.
US retail sales rose 1.2% in May, a sign of increasing consumer spending, beating expectations of a 1.1% increase and following a flat reading in April. Excluding autos, sales climbed 1.0% versus 0.7% expected.
However, the dollar failed to capitalize the slight beat reading and after a short-lived spike, it fell across the board. GBP/USD dipped to a low of 1.5421 but quickly recovered to a high of 1.5511, cutting most of its intraday losses. At time of writing, the pair is trading at 1.5495, still 0.20% below its opening price.