Retail sales in the UK continued to fall at a strong pace in May. GBP/USD largely ignored the data and clings to daily gains above 1.2300. The Confederation of British Industry’s (CBI) latest monthly Distributive Trades Survey showed that retail sales volumes declined by 50% in May. This reading matched the market expectation and came in slightly better than April’s print of -55%. Commenting on the data, “the retail sector is at the sharp end of a crisis, with many businesses up against it,” said Rain Newton-Smith, CBI Chief Economist. “The government’s support packages are making a real difference, with more shops reporting that jobs have been furloughed, rather than lost.” The publication further revealed that 80% of retailers in May faced cash flow difficulties and 53% of them reported temporary layoffs. Market reaction The GBP/USD pair largely ignored this report and was last seen trading at 1.2313, adding 1.07% on a daily basis. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD climbs further beyond 0.6600 mark, highest since March 9 FX Street 3 years Retail sales in the UK continued to fall at a strong pace in May. GBP/USD largely ignored the data and clings to daily gains above 1.2300. The Confederation of British Industry's (CBI) latest monthly Distributive Trades Survey showed that retail sales volumes declined by 50% in May. This reading matched the market expectation and came in slightly better than April's print of -55%. Commenting on the data, “the retail sector is at the sharp end of a crisis, with many businesses up against it," said Rain Newton-Smith, CBI Chief Economist. "The government’s support packages are making a real difference, with more shops reporting… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
