UK Retail Sales drop 0.9% MoM in September vs. -0.1% expected
- The UK Retail Sales declined 0.9% MoM in September, a big miss.
- Core Retail Sales for the UK dropped 1.0% MoM in September.
- GBP/USD holds lower ground near 1.2100 on downbeat UK retail trade data.
The UK Retail Sales dropped 0.9% over the month in September vs. -0.1% expected and 0.4% recorded in August, 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, fell 1.0% MoM vs. -0.4% expected and 0.6% seen in August.
The annual Retail Sales in the United Kingdom decreased 1.0% in September versus 0% expected and August’s 1.3% decline while the Core Retail Sales dropped 1.2% in the reported month versus 0% expectations and -1.3% previous.
Main points (via ONS)
Non-food stores sales volumes fell by 1.9% in September 2023; retailers reported that the fall over the month was because of the continuing cost of living pressures, alongside the unseasonably warm weather reducing sales of autumn-wear clothing.
Non-store retailing (predominantly online retailers) sales volumes fell by 2.2% in September 2023, following a fall of 0.9% in August.
Food stores sales volumes rose by 0.2% in September 2023, following a rise of 1.4% in August 2023.
Automotive fuel sales volumes rose by 0.8% in September 2023, rebounding from a fall of 1.0% in August 2023.
FX implications
GBP/USD is testing intraday lows near 1.2115 on the downbeat UK Retail Sales data. The spot was last seen trading at 1.2114, down 0.23% 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.
