Investing.com - Retail sale volumes in the U.K. rose for the first time in three months in June, rebounding from May’s 13-month low, industry data showed on Tuesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose to 1.0 in June from a reading of minus 11.0 in May.
Analysts had expected the index to improve to minus 1.0 in June.
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, “Despite an improvement in British weather conditions, retailers will be disappointed they didn’t see the return to growth they expected in June – but the forecast is looking good for July when it’s hoped retail sales will return to form.”
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.05% to trade at 1.5442.
Meanwhile, European stock markets remained higher. London’s FTSE 100 climbed 1%, the EURO STOXX 50 rallied 1.3%, France’s CAC 40 rose 1.3%, while Germany's DAX jumped 1.5%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose to 1.0 in June from a reading of minus 11.0 in May.
Analysts had expected the index to improve to minus 1.0 in June.
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, “Despite an improvement in British weather conditions, retailers will be disappointed they didn’t see the return to growth they expected in June – but the forecast is looking good for July when it’s hoped retail sales will return to form.”
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.05% to trade at 1.5442.
Meanwhile, European stock markets remained higher. London’s FTSE 100 climbed 1%, the EURO STOXX 50 rallied 1.3%, France’s CAC 40 rose 1.3%, while Germany's DAX jumped 1.5%.