GBP/USD nears 1.2100 as UK retail sales unexpectedly rise 0.2% m/m in July


  • The UK retail sales arrive at +0.2% m/m in July.
  • The UK core retail sales rise 0.2% m/m in July.

 

The UK retail sales came in at +0.2% over the month in July vs. -0.2% expected and +0.9% previous. The core retail sales, stripping the auto motor fuel sales, stood at +0.2% m/m vs. -0.2% expected and +0.8% previous.

On an annualized basis, the UK retail sales rose 3.3% in July versus 2.6% expected and +3.8% prior while the core retail sales also advanced 2.9% in the reported month versus +3.6% previous and +2.3% expectations.

Main Points (via ONS):

“The quantity bought in July 2019 increased by 0.2% when compared with the previous month, with strong growth of 6.9% in non-store retailing.

Department stores’ growth increased for the first time this year with month-on-month growth of 1.6%; this was following six consecutive months of decline.

In July 2019, online retailing accounted for 19.9% of total retailing compared with 18.9% in June 2019, with an overall growth of 12.7% when compared with the same month a year earlier.”

GBP/USD picked up fresh bids and hit daily tops at 1.2085 after the UK Retail Sales delivered an upside surprise across the time horizon. 

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