| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | United Kingdom | Retail Sales (MoM) | April | -0.2% | -0.4% | -2.3% |
| 06:00 | United Kingdom | Retail Sales (YoY) | April | 0.4% | -0.2% | -2.7% |
| 06:00 | Germany | GDP (QoQ) | Quarter I | -0.5% | 0.2% | 0.2% |
| 06:00 | Germany | GDP (YoY) | Quarter I | -0.2% | -0.2% | -0.2% |
GBP changed little against other major currencies in the European session on Friday, as data showed that retail sales in Britain fell more than anticipated in April, while consumer confidence improved slightly in May.
The Office for National Statistics (ONS) reported this morning that UK retail sales declined by 2.3% MoM in April, undermined by poor weather conditions. The reading greatly disappointed economists who had predicted a 0.4% MoM drop. In addition, the March print underwent a downward revision, indicating a fall of 0.2% MoM in retail sales instead of the previously reported flat MoM performance.
Today’s frustrating British retail sales figures followed Thursday’s release of the UK flash PMIs, which indicated a deceleration in the country’s business activity growth in May.
Meanwhile, a separate report from GfK revealed that consumer confidence in the UK increased 2 points to -17, its highest level since December 2021.
The latest reports, however, did not change markets' views on the Bank of England’s interest rate path. No changes in the Bank Rate are expected from the British central bank until the July 4 general election in the UK.