UK Retail Sales fall 0.1% MoM in June vs. -0.3% expected

The UK Retail Sales came in at -0.1% MoM in June, beat estimates
Core Retail Sales for the UK rose by 0.4% MoM in June.
The cable remains in the red below 1.2000 on the mixed UK data.

Dhwani Mehta FXStreet

The UK retail sales arrived at -0.1% over the month in June vs. -0.3% expected and -0.8% previous. The core retail sales, stripping the auto motor fuel sales, stood at 0.4% MoM vs. -0.4% expected and -1.0% previous.

On an annualized basis, the UK retail sales plunged 5.8% in June versus -5.3% expected and -4.7% prior while the core retail sales fell by 5.9% in the reported month versus -6.3% expectations and -5.5% previous.

Main points (via ONS)

Non-store retailing (predominantly online retailers) sales volumes fell by 3.7% in June 2022; sales volumes were 20.8% above their February 2020 levels.

Automotive fuel sales volumes fell by 4.3% in June 2022 with retailers suggesting the fall was linked to record-high petrol and diesel prices impacting the amount of fuel people were buying.

Non-food stores sales volumes fell by 0.7% over the month because of falls in clothing stores (negative 4.7%) and household goods stores (negative 3.7%), such as furniture stores.

Food sales volumes rose by 3.1% with retailers confirming that increased sales were because of Queen’s Jubilee celebrations.

FX implications

GBP/USD is holding the lower ground on mixed UK Retail Sales data. The spot was last seen trading at 1.1960, down 0.28% 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.

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