- UK retail sales rose 2.9% month-on-month in May, well above expectations.
- UK monthly core retail sales rose 2.9% in May.
- GBP/USD maintains gains above 1.2650 following positive UK data.
The UK retail sales rose 2.9% month-on-month in May after falling 1.8% in April, according to the latest data published on Friday by the Office for National Statistics (ONS). Markets were forecasting a 1.5% increase in the reported month.
Retail sales excluding auto fuel sales rose 2.9% month-on-month, versus the previous decline of 1.4% and the market forecast of 1.3%.
Annual retail sales in the UK rose 1.3% in May compared to falling 2.3% in April, while core retail sales rose 1.2% in the same month compared to -2.5 % former. Both figures exceeded expectations.
Market reaction to UK retail sales report
GBP/USD receives fresh bids following strong UK data release, rising 0.10% on the day to trade near 1.2670, at time of writing.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
