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Another solid week of U.K. fundamental releases, including the CBI sales report which reported that 51% of retailers surveyed said that sales were better than a year ago versus 18% that had negative results, added to prevailing bullish sentiment. Domestic demand may continue to improve as the consumer credit report surprised with a 0.2 billion pound increase versus expectations for a 0.1 billion pound decline.

The Australian dollar has seen support throughout July as strong corporate earnings and fading concerns over Europe have fueled broader optimism. The AUD/USD has seen its correlation with equity markets strengthen to 86% as the high yielder continues to benefit from risk appetite.

The Pound spiked higher as the U.K. economy grew more than expected in the second half adding to the optimism that June’s strong retail sales report initiated. Bullish conviction may be limited as the minutes from the BoE’s last meeting reflected the MPC’s uncertainty over future policy.

The pound regained its footing after it was sunk in early trading as June’s public sector net borrowing report showed the budget shortfall narrowed by less-than-expected on the month. A drop in mortgage approvals also added to the bearish sentiment as it fueled concerns that growth could stall as the government increases efforts to reign in the budget.