Forex
GBP Hits Six-Month Highs as USD Weakens on Treasury Buybacks
The British Pound (GBP) continues to strengthen against the US Dollar (USD), reaching six-month highs at 1.3660, despite a disappointing UK Retail Sales report for July.
According to data released by the Office for National Statistics, retail sales contracted 0.5% in July, in line with market expectations, following a 0.7% increase in June.
The US Dollar remains under pressure due to the US Treasury's plan to boost buybacks of long-term securities, aimed at stemming the yield rally and increasing liquidity.