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UK retail sales slightly beat expectations – GBP rises

UK retail sales advanced by 0.3%, but with a downwards revision for the previous month. Year over year, the rise is 1.3%, slightly below 1.4% expected. Excluding fuel, we also have better than expected numbers with downwards revisions: 0.5% m/m after 0.6% beforehand and 1.5% y/y after 2.8% in June.

GBP/USD initially topped 1.29 but is now erasing its gains. This is a mixed report.

This concludes the trio of top-tier UK data for this week. GBP/USD is now at the mercy of the dollar, which has its own 3 troubles.

The UK was expected to report a small rise of 0.2% in the volume of retail sales in July, slower than 0.6% in June (before revisions). Year over year, a rate of 1.4% was expected. Excluding fuel, a rise of 0.2% m/m and 1.3% y/y were on the cards.

GBP/USD slipped ahead of the publication, trading at 1.2880.

Earlier in the week, inflation missed expectations while the jobs report was excellent.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.