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Economic news
19.07.2024

European session review: GBP mostly flat after weaker-than-anticipated UK June retail sales data

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomRetail Sales (MoM)June2.9%-0.4%-1.2%
06:00United KingdomRetail Sales (YoY) June1.7%0.2%-0.2%
08:00EurozoneCurrent account, adjusted, bln May38.634.636.7

In the European session on Thursday, GBP traded flat and mixed against other major currencies, but for USD, versus which the pound declined by 0.5%, as investors digested weaker-than-anticipated UK retail sales for July.

The Office for National Statistics (ONS) reported this morning that retail sales volumes in Britain declined by 1.2% MoM in June, following a 2.9% MoM surge in May, hurt by gloomy weather. Economists had forecast a 0.4% MoM fall in June. On a YoY basis, the UK retail sales slipped by 0.2% last month.

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