Market Update: UK’s Realized Sales Warm Up, but GBP Doesn’t Care
Arslan Butt • 1 min read
The Confederation of British Industry releases the UK realized sales figures. For all of you who don’t know much about the event, it’s a leading indicator of consumer spending because retailer and wholesaler sales are directly influenced by consumer buying levels. Fellas, it’s a survey of about 125 retail and wholesale companies which asks respondents to rate the relative level of current sales volume.
Actual Release: Economists were expecting to soar to 10 vs. 5 previously. But the actual figure came out as 19 which is significantly higher than the forecast. However, the figure hasn’t extended much support to the GBP/USD and it’s still falling dramatically on a stronger dollar.
For now, the market awaits the US CB Consumer Confidence figure which is due to be released at 16:00 (GMT). Check out the FX Leaders economic calendar for the live coverage of the event!