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- UK Retail Sales drop 1.2% MoM in July vs. -0.5% expected
UK Retail Sales drop 1.2% MoM in July vs. -0.5% expected
- The UK Retail Sales came in at -1.2% MoM in July, missing estimates.
- Core Retail Sales for the UK dropped 1.4% MoM in July.
- GBP/USD pares gains toward 1.2700 on downbeat UK retail trade data.
The UK Retail Sales dropped 1.2% over the month in July vs. -0.5% expected and 0.6% prior, according to the latest data published by the Office for National Statistics (ONS) on Friday. The Core Retail Sales, stripping the auto motor fuel sales, fell 1.4% MoM vs. -0.7% expected and 0.7% seen in June.
The annual Retail Sales in the United Kingdom declined 3.2% in July versus -2.1% expected and June’s 1.6% drop while the Core Retail Sales decreased by 3.4% in the reported month versus -2.2% expectations and -1.6% previous.
Main points (via ONS)
Food stores sales volumes fell by 2.6% in July 2023, with supermarkets reporting that the wet weather reduced clothing sales, although food sales also fell back; retailers indicated that the increased cost of living and food prices continued to affect sales volumes.
Non-food stores sales volumes fell by 1.7% in July 2023, following a rise of 0.6% in June 2023; retailers reported that the fall over the month was because of poor weather reducing footfall.
Automotive fuel stores sales volumes rose by 0.7% in July 2023, following a fall of 0.6% in June 2023.
Non-store retailing sales volumes rose by 2.8% in July 2023; online retailers suggested that a range of promotions boosted sales.
FX implications
GBP/USD is testing daily lows near 1.2725 on the downbeat UK Retail Sales data. The spot was last seen trading at 1.2727, down 0.09% on the day.
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