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- UK Retail Sales drop 0.4% MoM in November vs. 0.3% expected
UK Retail Sales drop 0.4% MoM in November vs. 0.3% expected
- The UK Retail Sales came in at -0.4% MoM in November, a big beat.
- Core Retail Sales for the UK dropped by 0.3% MoM in November.
- The cable keeps its range at above 1.2200 on the downbeat UK data.
The UK retail sales arrived at -0.4% over the month in November vs. 0.3% expected and 0.9% previous. The core retail sales, stripping the auto motor fuel sales, fell by 0.3% MoM vs. 0.3% expected and 0.7% previous.
On an annualized basis, the UK retail sales plunged 5.9% in November versus -5.6% expected and -5.9% prior while the core retail sales tumbled 5.9% in the reported month versus -5.8% expectations and -6.4% previous.
Main points (via ONS)
Automotive fuel sales volumes fell by 1.7% in November 2022, following a rise of 3.2% in October; these were 8.7% below their February 2020 levels.
Non-food stores sales volumes fell by 0.6% in November 2022 and were 1.8% below February 2020 levels.
Food store sales volumes rose by 0.9% in November 2022 with anecdotal evidence from retailers suggesting that customers stocked up early for Christmas.
FX implications
GBP/USD is unfazed by the downbeat UK Retail Sales data. The spot was last seen trading at 1.2202, up 0.21% on the day.
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