UK December retail sales 0.3% vs 1.3% m/m expected

Author: Giles Coghlan | Category: News

ONS - Jan 22

 Retail sales
  • Prior -3.8%  revised to-4.1 %
  • Retail sales 2.9% vs +4.0%% y/y expected
  • Prior +2.4%; revised to 2.1%
  • Retail sales (ex autos, fuel) 0.4% vs -1.0% m/m expected
  • Prior -2.6%; revised to -3.0%
  • Retail sales (ex autos, fuel) 6.4% vs +7.4 % y/y expected
  • Prior +5.6%;revised to +5.3%
A softer headline print and downward revisions send the GBP lower. The lockdowns resulted in Christmas spending being spread out over a longer period and this has meant a softer December sales reading for the UK

ONS: 

  • Largest annual fall in sales in history
  • Online values increased by 46.1% in 2020 when compared with 2019
  • Clothing stores down -25.1%
  • Fuel stores down -22.2%
  • Department stores down -5.2%

GBPUSD down circa 15 points on the print. A terrible report and worse than expected. However, not a massive surprise with the UK going back into lockdowns in December. 

 
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