Sterling Jumps More than 0.4% After U.K. Retail Sales Data Release

British Pound advanced nearly 0.45 percent versus the U.S. dollar in morning session on Thursday after data showed U.K. retail sales rebounded in April.

The currency pair GBPUSD jumped higher to trade around 1.30300 –  the highest level since September 30th, 2016 after a monthly report released by the Office for National Statistics showed U.K. retail sales grew by 2.3% on the month in April. This was not only a reversal from a steep quarterly decline in the first three months of the year but also well above the 1.5% growth expected by economists.

On a yearly basis, sale jumped 4.0%, also significantly more than analysts’ expectations calling for a growth rate of 2.3%. According to the reports, sales was boosted by warm weather that encouraged shoppers to purchase gardening tools and home improvements.

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