The latest data on UK retail sales has shown a significant increase, with a 0.5% month-on-month jump in July, meeting market estimates. In addition, core retail sales rebounded by 0.7% in the same month. This positive news has had a favorable impact on the GBP/USD pair, which remains steady around the 1.2900 mark despite the mixed data release.
The core retail sales figures, excluding auto motor fuel sales, surged by 0.7% month-on-month, surpassing both the previous decline of 1.3% and the estimated 0.8% reading. On an annual basis, retail sales in the UK saw a 1.4% increase in July compared to a 0.3% fall in June. Core retail sales also rose by 1.4% in the same month, reversing the previous -0.8% figure. These results were in line with market forecasts.
Market Response to UK Retail Sales Report
The GBP/USD pair has shown a 0.26% increase on the day, reaching around 1.2885 in response to the mixed UK data release.
British Pound PRICE Today
The table below illustrates the percentage change of the British Pound (GBP) against major currencies for the current day. The British Pound has shown strength against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.21% | -0.24% | -0.07% | -0.25% | -0.44% | -0.16% | |
| EUR | 0.11% | -0.11% | -0.15% | 0.03% | -0.17% | -0.46% | -0.03% | |
| GBP | 0.21% | 0.11% | -0.06% | 0.14% | -0.06% | -0.34% | 0.06% | |
| JPY | 0.24% | 0.15% | 0.06% | 0.23% | -0.01% | -0.31% | 0.09% | |
| CAD | 0.07% | -0.03% | -0.14% | -0.23% | -0.20% | -0.51% | -0.09% | |
| AUD | 0.25% | 0.17% | 0.06% | 0.01% | 0.20% | -0.29% | 0.11% | |
| NZD | 0.44% | 0.46% | 0.34% | 0.31% | 0.51% | 0.29% | 0.42% | |
| CHF | 0.16% | 0.03% | -0.06% | -0.09% | 0.09% | -0.11% | -0.42% |
The heat map above displays percentage changes of major currencies against each other. The base currency is selected from the left column, while the quote currency is chosen from the top row. For example, by selecting the British Pound from the left column and moving along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Analysis and Conclusion
The UK retail sales data exceeding expectations has had a positive impact on the GBP/USD pair, leading to a slight increase in the exchange rate. This uptick in retail sales indicates stronger consumer spending, which can be a good sign for the overall economy. Investors and traders may view this data as a signal of economic growth and stability in the UK. As a result, the British Pound has shown strength against major currencies, particularly the US Dollar. This could present trading opportunities and affect currency market trends in the near future.