UK July retail sales +0.3% vs -0.2% m/m expected

• Prior -0.1%
• Retail sales -3.4% vs -3.3% y/y expected
• Prior -5.8%
• Retail sales ex fuel +0.4% vs -0.2% m/m expected
• Prior +0.4%
• Retail sales ex fuel -3.0% vs -3.1% y/y expected
• Prior -5.9%

A surprise beat but a welcome one for the BOE as UK retail sales hold up last month, though the trend still hasn't been too bright since the summer of last year. Looking at the details, the jump was mostly helped by non-store retailing (predominantly online retailers) as it rose by 4.8% last month. That is helped by a range of promotions, which boosted sales according to online retailers.

Elsewhere, the details are less rosy as automotive fuel sales volumes fell by 0.9% and non-food stores sales volumes fell by 0.7% over the month.

/GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term