UK Retail Sales rebound 0.3% MoM in July vs. -0.2% expected

  • The UK Retail Sales came in at 0.3% MoM in July, a positive surprise.
  • Core Retail Sales for the UK jumped by 0.4% MoM in July.
  • The cable remains in the red above 1.1900 on the mixed UK data.

The UK retail sales arrived at 0.3% over the month in July vs. -0.2% expected and -0.1% previous. The core retail sales, stripping the auto motor fuel sales, jumped 0.4% MoM vs. -0.2% expected and 0.4% previous.          

On an annualized basis, the UK retail sales plunged -3.4% in July versus -3.3% expected and -6.1% prior while the core retail sales fell by 3.0% in the reported month versus -3.1% expectations and -6.2% previous.

Main points (via ONS)

Non-store retailing (predominantly online retailers) sales volumes rose by 4.8% in July 2022; feedback from online retailers suggested that a range of promotions in July 2022 boosted sales.

Automotive fuel sales volumes fell by 0.9% in July 2022, with anecdotal evidence that the heatwave across parts of the UK may have reduced travel and sales.

Non-food stores sales volumes fell by 0.7% over the month because of falls in other non-food stores (negative 1.5%), and clothing stores (negative 1.2%).

Food store sales volumes rose by 0.1% in July 2022; sales volumes were 0.1% below their February 2020 levels.

FX implications

GBP/USD is holding the lower ground on mixed UK Retail Sales data. The spot was last seen trading at 1.1911, down 0.17% on the day.

more to come ….

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