The UK retail sales fell 5.4% in August Respect to the same month of previously year. This result worsens the 4.2% decline expected by the market and the 3.2% decline seen in July (revised from -3.4%). The indicator chains five consecutive months of declines.
The monthly reading shows retail sales falling 1.6% vs -0.5% estimatedoy to +0.4% prior. This is the biggest drop seen in eight months, specifically since December 2021.
Excluding fuel, the indicator stands at -1.6% monthly, compared to the estimated -0.7% and +0.4% previously. Year-on-year, this indicator falls for the sixth consecutive month, falling 5% and worsening the -3.4% expected by experts and the -3.1% in July.
GBP/USD Outlook
The pound has fallen nearly 35 pips immediately after the data against the dollar, reaching 9-day low at 1.1417. At time of writing, GBP/USD is trading above 1.1421, down 0.39% on the day.
Source: Fx Street
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