UK Retail Sales decline 0.3% MoM in October vs. 0.3% expected
- The UK Retail Sales dropped 0.3% MoM in October, a negative surprise.
- Core Retail Sales for the UK dropped 0.1% MoM in October.
- GBP/USD holds lower ground below 1.2400 on downbeat UK data.
The UK Retail Sales fell 0.3% over the month in October vs. 0.3% expected and -1.1% registered in September, according to the official data published by the Office for National Statistics (ONS) on Friday.
The Core Retail Sales, stripping the auto motor fuel sales, dropped 0.1% MoM vs. 0.4% expected and -1.3% seen in September.
The annual Retail Sales in the United Kingdom tumbled 2.7% in October versus -1.5% expected and September’s 1.0% drop while the Core Retail Sales declined 2.4% in the reported month versus -1.5% expectations and -1.5% previous.
Main points (via ONS)
Automotive fuel sales volumes fell by 2.0% in October 2023; in the three months to October, sales volumes fell by 0.7% when compared with the previous three months, which may be affected by increasing fuel prices.
Food stores sales volumes fell by 0.3% in October 2023, from being unchanged (0.0%) in September 2023.
Non-food stores sales volumes fell by 0.2% in October 2023, following a 2.1% fall in September 2023; retailers suggested that cost of living, reduced footfall and the wet weather in the second half of the month contributed to the fall.
Non-store retailing (predominantly online retailers) sales volumes rose by 0.8% in October 2023 following a fall of 2.4% in September 2023.
FX implications
GBP/USD is testing intraday lows near 1.2375 on the downbeat UK Retail Sales data. The spot is down 0.25% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
