UK Retail Sales beat estimates with 1.2% MoM in October, GBP/USD uninspired
|- The UK Retail Sales came in at 1.2% MoM in October.
- Core Retail Sales for the UK rose by 1.3% MoM in October.
- The cable remains capped below 1.33 on upbeat UK Retail Sales.
The UK retail sales came in at 1.2% over the month in October vs. 0% expected and 1.5% previous. The core retail sales, stripping the auto motor fuel sales, stood at 1.3% MoM vs. 0.1% expected and 1.6% previous.
On an annualized basis, the UK retail sales jumped by 5.8% in October versus 4.2% expected and 4.7% prior while the core retail sales increased by 7.8% in the reported month versus 5.9% expectations and 6.4% previous.
Main points (via ONS)
“In October 2020, retail sales volumes increased by 1.2% when compared with September; the sixth consecutive month of growth in the industry.“
“Growth in the volume of sales for non-store retailing at 6.4%, household goods stores at 3.2% and department stores at 3.1%.”
“Consumers started Christmas shopping earlier this year, also seeing early discounting from a range of stores.”
FX implications
GBP/USD holds the higher ground, as the pound cheers the upbeat UK macro news. The spot now trades +0.16% on the day, flirting with daily highs of 1.3288.
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.