GBP/USD Continues the Tumble, Despite a Solid Retail Sales Report for January - Forex News by FX Leaders
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GBP/USD Continues the Tumble, Despite a Solid Retail Sales Report for January

Posted Thursday, February 20, 2020 by
Skerdian Meta • 1 min read

The UK retail sales report for January was released earlier today. It was a positive report, showing some decent increase in sales last month and beating expectations. Yet, the GBP is still declining, with GBP/USD having lost around 200 pips in the last few sessions. Below is the retail sales report:

  • UK January retail sales +0.9% vs +0.7% m/m expected
  • Prior -0.6%; revised to -0.5%
  • Retail sales +0.8% vs +0.6% y/y expected
  • Prior +0.9%
  • Retail sales (ex autos, fuel) +1.6% vs +0.8% m/m expected
  • Prior -0.8%
  • Retail sales (ex autos, fuel) +1.2% vs +0.5% y/y expected
  • Prior +0.7%

Solid beats across the board with the monthly ex-fuels reading seeing the biggest rise since May 2018. That said, the three months to January sees a +0.8% 3m/y reading – which is the weakest since May 2013. Looking at the details, the surveying firm ONS notes that petrol stations saw the biggest monthly fall in sales since April 2012, coinciding with higher energy prices. Meanwhile, the jump in retail sales largely owes to clothing and footwear sales.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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