BREAKING: GBPUSD Ticks Higher After Stronger UK Retail Sales

In June 2023, retail sales volumes in the UK saw an increase of 0.7% m/m and -1.0% y/y, following a modest 0.1% rise in May 2023. This rise was fueled by gains across all main sectors (food, non-food, and non-store retailing), except for automotive fuel. The uptick is attributed to factors like summer sales, increased footfall, and favorable weather conditions, contributing to higher sales in non-food stores and food stores. However, sales volumes for automotive fuel and clothing stores saw a decline during this period. 

• Non-food store sales volumes increased by 1.0% in June, recovering from a 0.5% drop in May 2023.
• Food store sales volumes showed a bounce-back with 0.7% growth in June after a 0.4% decline in May.
• Non-store retailing sales volumes had a modest 0.2% rise in June, a deceleration from a 2.4% rise in May.
• Automotive fuel store sales volumes declined by 0.3% in June, reversing from a 1.7% rise in May.
• Within non-food stores, department stores saw a significant 1.9% increase and other non-food stores rose by 1.5% due to an uptick in second-hand goods sales.
• Household goods stores reported a monthly increase of 1.4% driven by strong furniture sales.
• Clothing store sales volumes fell by 0.4%, remaining 1.5% below pre-COVID-19 February 2020 levels.

GBPUSD, M15 interval, source xStation 5