UK: Retail Sales Fall 3.4% YoY in July; GBP/USD under pressure

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UK retail sales fell 3.4% in its annual reading for July, worsening forecasts for a 3.3% decline. In addition, the result for June was revised downwards, going from -5.8% to -6.1%. This is the fourth consecutive month of falls for the indicator.

On a monthly basis, retail sales rose 0.3%up from -0.2% previously expected, showing its first increase after two straight months of declines.

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Excluding fuel, the annual indicator stood at -3% compared to -6.2% in the previous month, improving on the -3.1% estimate. On a monthly basis, retail sales excluding fuel increased by 0.4%, improving on the previous +0.2% and -0.2% expected by experts.

GBP/USD reaction

GBP/USD remains under heavy downward pressure after the sharp drop seen during the American session yesterday Thursday and the Asian session this Friday, which has caused it to lose more than 150 pips. The pair fell to new four-week lows at 1.1894 two hours before UK retail sales. At time of writing, the pound is trading against the dollar above 1.1915, shedding 0.12% on the day.

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Source: Fx Street

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