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May 05 - 06:55 AM

GBP/USD - COMMENT-King's Coronation Prompts Sterling Salute

By Rob Howard  —  May 05 - 04:55 AM

May 5 (Reuters) - Sterling bulls hope the pound remains proud beyond the coronation of King Charles on Saturday, following its rise to a 48-week high versus the U.S. dollar and a one-month high against the euro on Friday.

One in five British households planned to buy extra or special groceries for the coronation, according to survey data from market researcher NIQ published earlier this week.

This should provide a fillip for Britain's retail sales and gross domestic product data for May, to the benefit of GBP.

GBP/USD rose to 1.2633 in early London trade on Friday, its highest level since May 31 last year, with GBP/EUR climbing to 1.1439.

CFTC data due at 1930 GMT will show if speculators turned even more positive on sterling in the week ended May 2, having made the biggest addition to their bullish bets on GBP in almost two years in April.

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