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GBP/USD reclaims 1.27 as better sales data eclipses worse than expected GDP

That whole raft of UK economic data noted here a short while ago has now been released. The highlight of which is the latest quarterly revision to UK Q3 GDP and the November retail sales report. The GDP data has been revised lower to negative on the quarter, but Retail sales have risen significantly above consensus. Sales rose by 1.3% last month, where only a 0.4% increase had been forecast. The GDP data has been revised to -0.1% on the quarter which translates to a 0.3% annualised gain from a prior 0.6% rise. The pound immediately reacted more to the sales number than it did to the GDP data and that saw it spike to a new session high at 1.2714. However, it has tempered that move somewhat on what is mixed data elsewhere and the ONS have also noted zero growth in Q2, which is not great news. That said, the sales data seems to be winning out at the moment. The GBP/USD is currently trading at 1.2702
 

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