Breaking: UK Retail Sales miss estimates with -18.1% in April, GBP/USD unfazed
|
- The UK Retail Sales came in at -18.1% MoM in April.
- Core Retail Sales for the UK plunged -15.2% MoM in April.
- The cable keeps range near 1.2215 on the downbeat UK Retail Sales data.
The UK retail sales came in at -18.1% over the month in April vs. -16% expected and -5.1% previous. The core retail sales, stripping the auto motor fuel sales, stood at -15.2% MoM vs. -15% expected and -3.7% previous.
On an annualized basis, the UK retail sales stood at -22.6% in April versus -22.2% expected and -5.8% prior while the core retail sales also dived -18.4% in the reported month versus -18.2% expectations and -4.1% previous.
Main points (via ONS)
“All sectors saw a monthly decline in volume sales except for a record increase in sales for non-store retailing at 18.0% and a continued increase in sales for alcohol stores at 2.3%.
The volume of clothing sales in April 2020 plummeted by 50.2% when compared with March 2020, which had already fallen by 34.9% on the previous month.
The proportion spent online soared to the highest on record in April 2020 at 30.7%, which compares with the 19.1% reported in April 2019.
All store types, except non-store, reached record proportions of online spending in April 2020 as some stores shifted to online only trading.
The three-month on three-month growth rate in the volume of retail sales decreased by 8.6%, with declines across all sectors except food and non-store retailing.
The Office for National Statistics (ONS) has released a public statement on the coronavirus (COVID-19) and the production of statistics.”
FX implications
The pound keeps losses on the downbeat UK Retail Sales data, with GBP/USD heading towards 1.2200 levels, down 0.09% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.