UK May retail sales -0.5% vs -0.5% m/m expected
Latest data released by ONS - 20 June 2019
- Prior 0.0%; revised to -0.1%
- Retail sales +2.3% vs +2.7% y/y expected
- Prior +5.2%; revised to +5.1%
- Retail sales (ex autos, fuel) -0.3% vs -0.4% m/m expected
- Prior -0.2%; revised to -0.3%
- Retail sales (ex autos, fuel) +2.2% vs +2.5% y/y expected
- Prior +4.9%; revised to +4.7%
The monthly readings are more or less in-line with estimates although the annual readings are a tad softer than expected. That said, it's not anything that should harm the pound significantly as consumption activity continues to hang in there amid Brexit uncertainty.
ONS notes that the slightly softer figures here can be attributed to a drop in clothing sales (-4.5% m/m) which saw its biggest monthly drop since July 2015, mainly due to cold weather. Meanwhile, the other sectors saw a mixed picture for the most part with food sales only down slightly by 0.1% in May.
Cable holds steady at 1.2720 currently as the dollar stays pressured on the session.