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UK Retail Sales broadly in line with expectations - ING

FXStreet (Łódź) - James Knightley from ING points out that the UK July Retail Sales came in at 0.1% on a monthly basis, slightly lower than expected due to the considerable fall in auto fuel sales.

Key quotes

"However, there were some decent growth numbers in other components with food sales up 0.4%, clothing up 0.8% (helped by aggressive discounting as highlighted by yesterday’s CPI report) and 'non-specialised' and 'other stores' both seeing sales volumes rise in excess of 1% MoM."

"All in all this isn’t a bad outcome especially when we consider that consumer confidence fell quite sharply at the beginning of the month as the prospect of interest rate hikes made it onto the front pages of newspapers and TV bulletins."

"Nonetheless, with the economy continuing to add jobs in significant numbers and real household disposable income continuing to rise we remain upbeat on the outlook for retail sales."

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