Sterling rises above $1.27 after upbeat UK data

Sterling titled higher in American trade off June 2017 lows versus dollar, following earlier data from Britain and the US today. 

As of 04:29 GMT, GBP/USD rose 0.15% to 1.2716, with a session-high at 1.2754, and a low at 1.2686. 

Earlier UK data showed retail sales rose a solid 0.7% m/m in July, compared to a 0.5% drop in June, and beating estimates of a 0.2% increase. 

Core sales, excluding fuel, rose 0.9%, beating estimates of no change, and compared to a 0.6% decline.

On a yearly basis, retail sales rose 3.5%, up from 2.9% in June, and beating estimates of also 2.9%, while core sales rose 3.7%, accelerating from 2.9%. 

Otherwise, earlier US data showed housing starts rose 1.5% to an annualized 1.311 million units in July, edging out estimates of a 1.4% increase to 1.310 million. 

Building permits rose 0.9% last month to an annualized 1.168 million units, compared to a 12.9% slump in June to 1.158 million, while missing expectations of a 7.4% increase to 1.260 million. 

An index tracking the manufacturing sector in Philadelphia fell to 11.9 from 25.7 in July, missing estimates of 21.9.  

US unemployment claims fell a thousand to 212 thousand in the week ending August 11, compared to 214 thousand in the previous reading, while analysts expected 215 thousand. 

Continuing claims fell 39 thousand in the week ending August 4 to 1.721 million from 1.760 million, beating estimates of 1.740 million.