UK: Retail sales volumes fell at fastest pace in more than 10 years in June- CBI
- Retail sales volumes in UK fell at their fastest pace since March 2009.
- GBP/USD didn't pay much attention to the disappointing data.
According to the Distributive Trades Survey released by the Confederation of British Industry, retail sales volumes fell at their fastest pace since March 2009 on a yearly basis in June. "16% of retailers said that sales volumes were up in June on a year ago, whilst 58% said they were down, giving a weighted balance of -42%," the publication read. That -42% reading also missed the market expectation of -10% by a wide margin.
The GBP/USD pair didn't react to this disappointing data and was last seen trading at 1.2762, adding 0.18% on a daily basis.
Commenting on the data, “This month’s drop in sales should be taken with a pinch of salt, given the backdrop of last June’s heatwave and the start of the World Cup," explained Alpesh Paleja, CBI Principal Economist. "But even accounting for both factors, underlying conditions on the High Street remain challenging. Retailers are having to continually compete for the attention of value-conscious shoppers, in the age of digital disruption."