Currencies: British pound rises above $1.30 for the first time since September

The pound on Thursday rose above $1.30 for the first time since September following a better-than-expected reading on U.K. retail sales, as the dollar largely continued to lose ground against its major rivals.

The British currency GBPUSD, +0.4626% was changing hands at $1.3035, up from $1.2971 late Wednesday in New York. It traded as high as $1.3046 intraday after data showed U.K. retail sales grew by 2.3% on the month in April, well above expectations.

“The combination of the U.K.’s surging consumer spending and U.S. President Trump’s firestorm has decisively tilted the balance of power in favor of the pound over the dollar,” said David Lamb, head of dealing at Fexco Corporate Payments, in a note.

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