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UK October retail sales in focus – Lloyds Bank

FXStreet (Delhi) – Nikesh Sawjani, Financial Economist at Lloyds Bank, suggests that today’s focus in UK will be on the October retail sales report.

Key Quotes

“Headline UK sales volumes surged by 1.9% m/m in September, vastly exceeding expectations and sending the annual growth to a heady rate of 6.5%. Although the surge was partly attributed to firm spending related to the Rugby World Cup, other categories also performed strongly. Already available retail indicators for October suggest that annual growth is likely to have eased back meaningfully. However, with the economic backdrop still supportive - given the resumption of employment growth alongside recent wage gains, we look for flat headline sales in October.”

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