- Retail sector in the UK shows convincing recovery in July.
- GBP/USD pair trades in tight range below 1.2900 on Tuesday.
Retail sales in the UK expanded at a modest pace than in July after contracting sharply in June with the CBI Distributive Trade Survey – Realized jumping to 4% from -37%. This reading beat the market expectation of -25% by a wide margin.
Commenting on the data, “it’s great to see retail sales stabilise this month, but this doesn’t tell the whole story,” said Rain Newton-Smith, CBI Chief Economist. “This crisis has created winners and losers within the retail sector and for some businesses the picture remains bleak. The re-opening of non-essential retail was a vital step towards recovery but isn’t a cure-all.”
Market reaction
The GBP/USD pair largely ignored this report and was last seen losing 0.05% on a daily basis at 1.2875.
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