💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

U.K. CBI realized sales contract sharply in May

Published 05/29/2013, 06:06 AM
GBP/USD
-
Investing.com - Retail sale volumes in the U.K. contracted for the second consecutive month in May, hitting a 13-month low, industry data showed on Wednesday.

In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to minus 11.0 in May from a reading of minus 1.0 in April.

Analysts had expected the index to improve to 3.0 in May.   

On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.  

Barry Williams, Chair of the CBI Distributive Trades Survey Panel said, “Retail sales growth has weakened since the start of the year as households continue to feel the pinch, with wages failing to keep pace with the cost of living.”

Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.01% to trade at 1.5041.

Meanwhile, European stock markets remained lower. London’s FTSE 100 tumbled 1.15%, the EURO STOXX 50 fell 0.8%, France’s CAC 40 declined 1%, while Germany's DAX retreated 1%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.