UK Retail Sales jump 0.6% MoM in October vs. 0% expected
- The UK Retail Sales came in at 0.6% MoM in October, a big beat.
- Core Retail Sales for the UK rose by 0.3% MoM in October.
- The cable keeps its range at around 1.1900 on the mixed UK data.
The UK retail sales arrived at 0.6% over the month in October vs. 0% expected and -1.5% previous. The core retail sales, stripping the auto motor fuel sales, rose 0.3% MoM vs. 0.6% expected and -1.5% previous.
On an annualized basis, the UK retail sales plunged 6.1% in October versus -6.5% expected and -6.8% prior while the core retail sales tumbled 6.7% in the reported month versus -6.7% expectations and -6.1% previous.
Main points (via ONS)
Non-food stores sales volumes rose by 1.1% in October 2022 and were 1.7% below February 2020 levels.
Automotive fuel sales volumes rose by 3.3% in October 2022, following a fall of 1.2% in September; these were 6.9% below their February 2020 levels.
Non-store retailing (predominantly online retailers) sales volumes rose by 1.8% in October 2022 following a fall of 2.5% in September; sales volumes were 21.2% above their February 2020 levels
FX implications
GBP/USD is unfazed by the mixed UK Retail Sales data. The spot was last seen trading at 1.1901, up 0.36% 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.
