Britain’s economy is in the spotlight again today via the April update on retail spending. We’ll also see another early clue for US manufacturing activity in May with the release of the Philly Fed manufacturing data. Meanwhile, forex traders are wondering if the recent rally in GBPUSD will carry it decisively above $1.30 in the near term. Econoday.com’s consensus forecast sees retail sales rising 1.5% for the monthly comparison, a strong turnaround from March’s 1.8% decline. More importantly, the year-on-year trend is projected to perk up in April, advancing 2.2% vs. the year-earlier level, up from 1.7% previously. ... (full story)