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22 Dec 2023

UK Retail Sales rise 1.3% in November, Q3 GDP growth revised lower to 0.3%

  • Retail Sales in the UK increased at a stronger pace than forecast in November.
  • Annual UK GDP growth for Q3 got revised lower.
  • GBP/USD clings to small daily gains near 1.2700 after the data.

Retail Sales in the UK rose by 1.3% on a monthly basis in November, the UK's Office for National Statistics (ONS) reported on Friday. This reading followed the no-change (revised from -0.3%) recorded in October and came in better than the market expectation for an increase of 0.4%. On a yearly basis, Retail Sales were up 0.1%.

The ONS also announced that the annualized Gross Domestic Product (GDP) growth for the third quarter was revised lower to 0.3% from 0.6% in the first estimate. 

Finally, Total Business Investment declined 3.2% on a quarterly basis in the third quarter, up from a 4.2% contraction reported in the first estimate.

Market reaction

GBP/USD edged slightly higher with the immediate reaction to the mixed data and was last seen gaining 0.1% on the day at 1.2700.

 

Dec 22, 2023

United Kingdom Retail Sales ex-Fuel (YoY) came in at 0.3%, above expectations (-1.5%) in November

United Kingdom Retail Sales ex-Fuel (YoY) came in at 0.3%, above expectations (-1.5%) in November
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Dec 22, 2023

EUR/GBP loses ground near 0.8660 following UK GDP data

The EUR/GBP cross snaps the two-day winning streak during the early European session on Friday.
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