Forex
Sterling Holds Firm as Markets Eye UK Growth and Oil Price Volatility
The British pound has stabilized near its three-and-a-half week high against the US dollar ahead of crucial UK economic growth data and developments in the Middle East regarding the Strait of Hormuz.
As markets await the release of June's growth figures, sterling remains steady at $1.3502, just below the recent high of $1.35085.
The upcoming data is expected to show resilience in consumer activity, boosted by hot weather and World Cup-related spending, with retail sales unexpectedly rising 1.0% in June.
Oil prices have also risen due to uncertainty over the Strait of Hormuz reopening, which could impact UK monetary policy expectations.