The UK retail sales fell 1.4% in September’s monthly reading, worsening the estimated 0.5% decline. In addition, the result for August was revised downwards, from -1.6% to -1.7%.
On an annual level, the indicator plummeted 6.9%, accentuating the fall of 5.6% in the previous month (figure revised downwards from -5.4%) and disappointing the -5% expected by the market. This is the sixth consecutive month of declines for the indicator, and its biggest decline since May 2020.
excluding fuelmonthly retail sales fell 1.5% vs. -0.3% expected, and annual retail sales fell 6.2% vs. -4.1% consensus, both disappointing expectations.
GBP/USD reaction
The pound has reacted lower after the data and the GBP/USD has fallen over 20 pips to fresh daily lows at 1.1177. At time of writing, the pair is trading above 1.1180, shedding 0.44% on the day.
Source: Fx Street
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