The British pound appreciated to $1.387 on Friday, not far from a seven-week high of $1.40 hit on Tuesday, as investors digested a batch of data released this week. Britain's retail sales rose in March by the most since June's record increase, while PMI data suggested the country's private sector output grew by the most since November 2013, reflecting the effect of the easing of coronavirus restrictions on consumer spending. In addition, British manufacturers' expectations of an economic rebound rose to their highest since 1973 this month; the UK inflation rate advanced less than expected to 0.7% in March; and Britain's unemployment rate fell for a second month in a row to 4.9%, even as the number of employees on company payrolls continued to fall.
Historically, the British Pound reached an all time high of 2.86 in December of 1957. British Pound - data, forecasts, historical chart - was last updated on April of 2021.
The British Pound is expected to trade at 1.38 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.35 in 12 months time.