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Pound hits two-week high after UK retail sales beat

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UK retail sales smash expectations post-Brexit

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UK retail sales smashes expectations post-Brexit

Shoppers shrugged off June's shock Brexit vote as retail sales smashed expectations last month, data from the ONS showed today.

UK reail sales rose 1.4pc month-on-month in July, well ahead of forecasts of a 0.2pc rise. Warm weather and the plunge in the pound, which boosted tourist spending, were attributed as the reasons behind the jump in retail sales volumes.

Today's figures represent the first official round of hard economic data to shed light on how consumer demand has fared since the Brexit vote.

Pound hits two-week high on retail sales beat

The pound spiked to a two-week higher after UK retail sales volumes for July beat expectations, as shoppers shrugged off the Brexit vote. It rose by as much as 1.22pc to $1.3172 following the data release - its highest level since August 5 when sterling touched $1.3175. It's worth noting August 5 was the day after the Bank of England unveiled its post-Brexit stimulus package.

This week the pound has risen by more than 1.7pc as investors cheered the first round of hard economic data post-Brexit, which included inflation, jobless claims and today's retail sales data.