Sterling hits $1.30 for first time in eight months

Sterling has climbed to $1.30 for the first time since September on the back of a rebound in UK retail sales.

Better-than-expected results saw April retail sales 2.3 per cent higher than in March and up 4 per cent year on year, having suffered their first quarterly contraction in over three years at the start of the year.

Economists had forecast an increase of 1 per cent in April retail sales and annual growth of 2 per cent.

The pound, which was up 0.49 per cent at the time of writing, has been moving upwards since 18 April when Prime Minister Theresa May announced a snap election.

While sterling is still 20 cents below its level on 23 June, it is the best-performing G10 currency this year. The pound is currently worth €1.17, up 0.75 per cent today.