UK retail sales increased by 1% month-on-month in June, crushing its expectation of 0.3% decline. The strong figures mainly coming from a robust demand in sporting merchandise, clothing, outdoor products, fan and air conditioning equipment.
UK retail sales have now risen by 4.2% annually, surpassing market expectations of 2.3%. Even if we did see strong retail sales this morning, GBP have not made any large movement to other currency pairs.
This week we can see that GBP has taken losses against the EUR and USD, signalling that domestic macroeconomics for the UK currently are overlooked.
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