UK retail sales rose 0.2% in August, but this came on top of a downwards revision for July, with 0% change instead of +0.1% originally reported. Year over year, the rise is only 3.5%. Core sales also rose as expected month over month, +0.1% but also here there was a downwards revision and the y/y figure missed with 3.7%.
GBP/USD was a bit wobbly in range, but isn’t going too far. It’s Fed day today and the tension is rising.
The UK was expected to report a rise of 0.2% in month over month retail sales in August after +0.1% in July . Year over year, a rise of 3.8% was expected. Core sales carried expectations for +0.1% m/m and +3.9% y/y.
GBP/USD was trading on high ground towards the publication.
Yesterday, sterling received a nice raise from salaries: wages bounced up and the pound followed. This was the strongest since 2009.
The reaction could be somewhat limited because of the high anticipation towards the all important Fed decision later today.
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