- The UK Retail Sales came in at +13.9% MoM in June.
- Core Retail Sales for the UK jumped 13.5% MoM in June.
- The cable off the lows on the upbeat UK Retail Sales data.
The UK retail sales came in at +13.9% over the month in June vs. +8.0% expected and +12.0% previous. The core retail sales, stripping the auto motor fuel sales, stood at +13.5% MoM vs. +7.5% expected and +10.2% previous.
On an annualized basis, the UK retail sales stood at -1.6% in June versus -6.4% expected and -13.1% prior while the core retail sales unexpectedly rose 1.7% in the reported month versus -3.7% expectations and -9.8% previous.
Main points (via ONS)
“The two monthly increases in the volume of retail sales in May and June 2020 have brought total sales to a similar level as before the coronavirus pandemic; however, there is a mixed picture in different store types.
In June, while non-food stores and fuel sales show strong monthly growths in the volume of sales at 45.5% and 21.5% respectively, levels have still not recovered from the sharp falls experienced in March and April.
Food stores and non-store retailing both reached new high levels since the start of the pandemic, with volume food sales 5.3% higher, and non-store retailing 53.6% higher, than February.”
FX implications
GBP/USD moved away from the daily high of 1.2724 on the upbeat UK macro news. The spot now trades flat at 1.2740.
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