Market insights

UK retail sales punished by terrible July weather - Market Insight 18th August 2023

The retails sales numbers out the UK first thing this morning were terrible. Analysts had expected month on month contraction of -0.5%. However the actual number came in at -1.2%. The blame has been attributed to the terrible weather in the UK during July. The main number that was off was fashion sales as Summer wear was foregone.

This has seen GBP rates take a real dip first thing.

GBP/EUR could move again later this morning as the Eurozone releases inflation numbers where analysts are expecting annualised growth of 5.5%.

That's it for scheduled news for today with a relatively quiet Friday.

Going into next week Rightmove is releasing house price data first thing Monday which will give another indication of the UK house market.

Business news centres on the retail sales numbers and digs a little deeper into the data.

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Economic calendar

EUR: 10:00 Core Harmonised Index of Consumer Prices

UK: Monday 00:01 Rightmove House Price Index

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