The Sterling (GBP) did well outperform on strong April retail sales at 1.2% vs. 0.8% forecast. GBP/JPY tested Y133 and other crosses found support. Traders have been eager sellers of the GBP recently on fears of stagflation in the UK economy in H2 2011. Overall the GBP/USD traded with a low of 1.6129 and a high of 1.6245 before closing the day at 1.6230 in the New York session.
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