Finally, there’s some good news from the UK. Headline retail sales jumped 1.6% mom in April, much higher than expectation of 0.7%. Excluding auto and fuel, retail sales also jumped solidly by 1.3% mom, versus expectation of 0.4% mom.
The ONS noted that “the effects of the adverse weather on sales introduces further volatility to the monthly growth rate in April 2018.” And, “combining March and April to compare the two months with the same two months a year earlier provides a more stable picture of the year-on-year growth”.
Combining both March and April, sales grew 1.3% in 2018, much lower than 2.9% back in 2017. Full release here.
Nonetheless, Sterling is lifted immediately by the release. GBP/USD’s focus will be back on 1.3441 minor resistance.
