UK Retail Sales decline 0.3% MoM in October vs. 0.3% expected
|- The UK Retail Sales dropped 0.3% MoM in October, a negative surprise.
- Core Retail Sales for the UK dropped 0.1% MoM in October.
- GBP/USD holds lower ground below 1.2400 on downbeat UK data.
The UK Retail Sales fell 0.3% over the month in October vs. 0.3% expected and -1.1% registered in September, according to the official data published by the Office for National Statistics (ONS) on Friday.
The Core Retail Sales, stripping the auto motor fuel sales, dropped 0.1% MoM vs. 0.4% expected and -1.3% seen in September.
The annual Retail Sales in the United Kingdom tumbled 2.7% in October versus -1.5% expected and September’s 1.0% drop while the Core Retail Sales declined 2.4% in the reported month versus -1.5% expectations and -1.5% previous.
Main points (via ONS)
Automotive fuel sales volumes fell by 2.0% in October 2023; in the three months to October, sales volumes fell by 0.7% when compared with the previous three months, which may be affected by increasing fuel prices.
Food stores sales volumes fell by 0.3% in October 2023, from being unchanged (0.0%) in September 2023.
Non-food stores sales volumes fell by 0.2% in October 2023, following a 2.1% fall in September 2023; retailers suggested that cost of living, reduced footfall and the wet weather in the second half of the month contributed to the fall.
Non-store retailing (predominantly online retailers) sales volumes rose by 0.8% in October 2023 following a fall of 2.4% in September 2023.
FX implications
GBP/USD is testing intraday lows near 1.2375 on the downbeat UK Retail Sales data. The spot is down 0.25% on the day.
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