UK retail sales rose 0.3% MoM in July -0.2% expected

• UK retail sales rose 0.3%m/m in July, surprisingly on the upside.
• UK core retail sales rose 0.4% MoM in July.
• The currency pair is still below 1.1900 on the back of mixed UK data.

UK retail sales in July were 0.3%m/m/mm/mw. -0.2% expected and -0.1% before that. Core retail sales, which excludes fuel sales, rose 0.4% mom versus -0.2% expected and 0.4% mom.

On a yearly basis, UK retail sales fell -3.4% in July vs. -3.3% expected and -6.1% in the previous month, while core retail sales fell 3.0% in the month vs. -3.1% expected and -6.2% in the month Previous. Month.

Key Points (via ONS)

Non-commercial retail sales (mainly online) increased 4.8% in July 2022; Comments from online retailers indicated that a series of promotions boosted sales in July 2022.

Fuel sales fell 0.9% in July 2022. Evidence is that the heat wave may have affected travel and sales in parts of the UK.

Non-grocery retail sales fell 0.7% during the month, led by declines in non-grocery stores (down 1.5%) and apparel stores (down 1.2%).

Grocery retail sales rose 0.1% in July 2022; Sales volume is down 0.1% from February 2020 levels.

FX Effects

GBP/USD remains in lower territory on the back of mixed UK retail sales data. The spot was last traded at 1.1911, down 0.17% on the day.