| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | United Kingdom | Retail Sales (MoM) | May | -1.8% | 1.5% | 2.9% |
| 06:00 | United Kingdom | Retail Sales (YoY) | May | -2.3% | -0.9% | 1.3% |
| 07:30 | Germany | Services PMI | June | 54.2 | 53.9 | 53.5 |
| 07:30 | Germany | Manufacturing PMI | June | 45.4 | 46.5 | 43.4 |
| 08:00 | Eurozone | Manufacturing PMI | June | 47.3 | 47.9 | 45.6 |
| 08:00 | Eurozone | Services PMI | June | 53.2 | 53.5 | 52.6 |
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | June | 51.2 | 51.3 | 51.4 |
| 08:30 | United Kingdom | Purchasing Manager Index Services | June | 52.9 | 53 | 51.2 |
GBP traded flat against its major rivals in the European session on Friday as investors weighed the latest set of economic reports from Britain, including data on retail sales and public sector finances for May and flash estimates of the UK manufacturing and services purchasing managers’ indexes (PMI) for June.
The Office for National Statistics (ONS) reported earlier today that British retail sales rose by 2.9% MoM in May, rebounding from an upwardly revised 1.8% MoM decline (from -2.3% MoM) in April. This marked the strongest monthly increase in retail sales in four months. Economists had forecast a 1.5% MoM advance.
The ONS’s separate report revealed the UK public sector’s net borrowing excluding public sector banks was provisionally estimated at 99.8% of gross domestic product (GDP) at the end of May, remaining at levels last seen in the early 1960s.
Meanwhile, S&P Global reported that business activity growth in the UK private sector unexpectedly eased to 51.7 in June, the softest level since November last year, as the country’s services activity slowed to 51.2 and its manufacturing activity edged up to 51.4.
Elsewhere, the report from the GfK showed that consumer confidence in the UK increased for the third straight month, hitting the highest level in 2 1/2 years. GfK’s long-running Consumer Confidence Index increased three points to -14 in June. The reading matched the November 2021 level and exceeded economists’ forecast of -16.0.
Today’s raft of data drew investors’ attention away from yesterday’s signal from the Bank of England that its policymakers could be ready to reduce interest rates at the August meeting.