GBP/USD is rising amid renewed USD weakness and after stronger-than-expected UK retail sales. UK retail sales jumped 0.7% MoM in June, up from 0.3% in May and well ahead of the 0.2% forecast after the warmest June on record encouraged shoppers into department stores and supermarkets to stock up on everything from food to clothes and furniture. The data suggest that the UK consumer is proving to be resilient despite strong headwinds from rising prices and high-interest rates. The data boosts the case for further first-rate hikes from the Bank of England as inflation is still over four times the central bank's 2% ... (full story)