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- UK Retail Sales jump 0.3% MoM in May vs. -0.2% expected
UK Retail Sales jump 0.3% MoM in May vs. -0.2% expected
- The UK Retail Sales came in at 0.3% MoM in May, an upside surprise.
- Core Retail Sales for the UK jumped 0.1% MoM in May.
- GBP/USD defends 1.2700 on upbeat UK retail trade data.
The UK Retail Sales rose 0.3% over the month in May vs. -0.2% expected and 0.5% previous. The Core Retail Sales, stripping the auto motor fuel sales, increased 0.1% MoM vs. -0.3% expected and 0.7% previous.
The annual UK Retail Sales decreased 2.1% in May versus -2.6% expected and April’s 3.4% drop while the Core Retail Sales fell 1.7% in the reported month versus -2.1% expectations and -3.0% previous.
Main points (via ONS)
Non-store retailing sales volumes rose by 2.7% in May 2023 because of strong sales by online retailers selling outdoor-related goods and summer clothing; this was boosted by the warm weather in the second half of the month.
Automotive fuel stores sales volumes rose by 1.7% in May 2023, following a fall of 1.7% in April 2023; sales volumes were 9.5% below their pre-coronavirus (COVID-19) February 2020 levels.
Food stores sales volumes fell by 0.5% in May 2023, with some anecdotal evidence of increased spending on takeaways and fast food because of the extra bank holiday, however retailers also indicated that increased cost of living and food prices continued to affect sales volumes.
FX implications
GBP/USD is defending the 1.2700 level on the upbeat UK Retail Sales data. The spot was last seen trading at 1.2712, down 0.29% on the day.
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