UK retail sales drop more than forecast, GBP at 6-month low
Retail sales in the United Kingdom have shrunk at a monthly rate of 0.7% in October, after a revised down 0.1% increase in September, data by the Office for National Statistics showed.The drop in sale
Retail sales in the United Kingdom have shrunk at a monthly rate of 0.7% in October, after a revised down 0.1% increase in September, data by the Office for National Statistics showed.
The drop in sales was steeper than what market experts had expected (a 0.3% fall).
Low consumer confidence and uncertainty over the Budget announcement likely affected the latest data.
Sales at non-food stores went down 1.4% month-over-month in October, after a 2.3% surge in September. The result was mostly impacted by a 3.1% slump in sales at clothing stores.
At the same time, online sales went down 1.2% month-over-month in October.
In annual terms, retail sales in the UK surged 2.4% in October, while falling short of market consensus of a 3.4% growth.
The British Pound was 0.62% weaker on the day against the US Dollar, with the GBP/USD currency pair last trading at 1.2510.
The major Forex pair was hovering just above a fresh six-month low of 1.2486 amid fading investor risk appetite, with developments surrounding the Russia-Ukraine conflict weighed.
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