Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UK Retail Sales Blow Past Forecast in August

Published 09/20/2017, 04:31 AM
© Reuters.  UK retail sales rise 1.0% in August vs. 0.2% forecast
GBP/USD
-
EUR/GBP
-
GBP/JPY
-
UK100
-
FCHI
-
DE40
-
STOXX50
-

Investing.com – Retail sales in the UK blew past forecasts in August, bolstering optimism over the British economy, official data showed on Wednesday.

In a report, UK Office for National Statistics said that retail sales increased by 1.0% in August from the prior month, compared to the previous 0.6% advance which was revised from an initial 0.3% increase.

Analysts had expected August’s reading to increase by just 0.2%.

Year-on-year, retail sales increased 2.4% last month, which beat forecasts for growth of 1.1% and was also stronger than July’s 1.4% advance (1.3% before revision).

Core retail sales, which exclude automobile sales and fuel, increased by 1.0% in August, compared to the prior 0.7% gain which was revised up from an initial increase of 0.5%.

Analysts had expected core retail sales to rise by just 0.2% last month.

Year-on-year, core retail sales rose 2.8% in August, compared to the previous month’s 1.7% increase (revised up from 1.5%) and was double the consensus forecast for a 1.4% advance.

Following the report, GBP/USD traded at 1.3606 from around 1.3530 ahead of the release of the data, EUR/GBP was at 0.8828 from 0.8873 earlier, while GBP/JPY traded at 151.48 compared to 150.65 before the report.

Meanwhile, European stock markets traded with mixed signs ahead of the U.S. Federal Reserve’s monetary policy announcement later on Wednesday. London’s FTSE 100 lost 0.33%, the Euro Stoxx 50 was unchanged, France's CAC 40 rose 0.10%, while Germany's DAX advanced 0.02%.

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.