The GBP/NOK currency pair settled above Friday’s low of 13.2817, its weakest level since February 22nd 2024, after a surprise surge in UK retail sales – a sign that consumers are still spending despite elevated inflation.
UK retail sales volumes grew 0.5% month-over-month in September, confounding market consensus of a 0.2% drop, following a revised up 0.6% growth in August.
This way, sales were brought to their highest level since July 2022.
In other data, UK’s manufacturing sector registered the weakest contraction since October 2024 in October, as businesses recorded the fastest production growth since September 2024.
And, UK’s services sector growth remained slow in October, flash PMI data showed.
Yet, the business survey “brings hope that September was a low point for the economy from which business conditions are starting to improve,” S&P economist Chris Williamson noted.
Developments surrounding US-China trade negotiations also remain in focus. US President Donald Trump is to meet Chinese President Xi Jinping next week as part of a trip to Asia. Trump has said he expects to secure a fair trade deal with China.
The exotic Forex pair lost 1.31% for the week.
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