Market insights

Wet weather in July hits the high street - Market Insight 8th August 2023

The UK's like for like sales showed that July, with it's incessant rain, cause a downturn on the high street. Whilst there was 1.5% growth, once inflation is factored in, the result was actually negative.

This didn't have much effect on GBP rates where Sterling is tracking sideways against most major currencies.

The real difference was against the Chinese Yuan overnight. Much worse than expected import and exports say the Pound get a leg up versus the Yuan.

Today sees another quiet day for scheduled news ahead of Chinese inflation data out in the early hours of tomorrow.

Business new dissects the high street data out today from the UK. The main sector impacted appears to be fashion. Typically consumers stock up on new clothes for the summer, but with little to shout about weather wise this appears to have hampered things.

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CHN: Wednesday 02:30 Inflation Data

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