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Dec 22 - 06:55 AM

GBP/USD - REFILE-BUZZ-COMMENT-Sterling Hears UK Rate Hawks Squawk, Doves Coo Before Xmas

By Rob Howard  —  Dec 22 - 04:40 AM

corrects link in 3rd paragraph

Dec 22 (Reuters) - The UK Office for National Statistics made sure neither UK interest rate hawks or doves were left empty-handed this Christmas via its final pre-Xmas data releases on Friday.

Hawks opposed to a Bank of England interest rate cut anytime soon were squawking after unwrapping their data present from the ONS showing UK retail sales rose by a much higher-than-expected 1.3% MM in November, with October retail sales revised up by 0.3%.

Doves advocating a BoE rate cut as early as March, meanwhile, were cooing after their ONS gift revealed downward revisions to UK gross domestic product for the third and second quarters - to minus 0.1% and zero respectively.

GBP/USD scaled a two-day peak of 1.2716 after the UK data, as the retail sales beat trumped the GDP revisions.
1.2716 approximates to the low before Wednesday's softer-than-expected UK inflation data - which hurt the pound.

Related comment: nL1N3DF0MH

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Source:
Refinitiv IFR Research/Market Commentary

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