Market sentiment was in favor of the pound which displayed a surge in the European session after being seen with stronger -than -expected economic data readings.
UK retail sales shocked the market after rising drastically last month, reflecting the effects of easing coronavirus restrictions including the reopening of all non -essential businesses from mid -April.
According to the Office for National Statistics (ONS), retail sales jumped 9.2% from a revised 5.1% in March, and far exceeded market expectations to increase by just 4.5%.
This shocking reading has pushed the pound back up above 1.42000 against the greenback dollar.
With coronavirus restrictions in England expected to be lifted comprehensively on June 21, the Bank of England (BOE) predicted the biggest jump in household spending since 1988.
Meanwhile, the strengthening of the pound was also supported by readings of UK manufacturing and services PMI data which continued to show a stronger recovery in May.
Economic data from the UK continues to show encouraging readings since the country has moved forward in vaccinating its citizens thus prompting some sanctions measures to be eased.
