UK Retail Sales jump 0.4% MoM in August vs. 0.5% expected
|- The UK Retail Sales came in at 0.4% MoM in August, missing estimates.
- Core Retail Sales for the UK dropped 1.4% MoM in August.
- GBP/USD tests lows near 1.2270 on dismal UK retail trade data.
The UK Retail Sales jumped 0.4% over the month in August vs. 0.5% expected and -1.1% prior, the latest data published by the Office for National Statistics (ONS) showed on Friday. The Core Retail Sales, stripping the auto motor fuel sales, rose 0.6% MoM vs. 0.6% expected and -1.4% seen in July.
The annual Retail Sales in the United Kingdom declined 1.4% in August versus -1.% expected and July’s 3.1% drop while the Core Retail Sales fell by 1.4% in the reported month versus -1.3% expectations and -3.3% previous.
Main points (via ONS)
Food stores sales volumes rose by 1.2% in August 2023, following a fall of 2.6% in July 2023 when supermarkets reported that the wet weather reduced clothing sales, and supermarket food sales also fell back.
Non-food stores sales volumes grew by 0.6% in August 2023, following a fall of 1.2% in July 2023 when poor weather reduced footfall.
Non-store retailing (predominantly online retailers) sales volumes fell by 1.3% in August 2023, following a rise of 1.9% in July 2023 when wet weather and a range of promotions boosted sales.
Automotive fuel sales volumes fell by 1.2% in August 2023, with retailers suggesting the fall was linked to a sharp increase in petrol and diesel prices.
FX implications
GBP/USD is testing daily lows near 1.2270 on the downbeat UK Retail Sales data. The spot was last seen trading at 1.2272, down 0.16% 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.