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Strong retail sales in the UK

GBPUSD News by Allie Longford on 07:21 November 17, 2016 EST

Very strong retail sales in the UK for the month of October surprised investors this morning as the Office for National Statistics released its latest data.

In fact retail sales grew at the fastest annual pace in nearly 15 years in October. Last month's sales grew by 7.4% compared with October last year. Sales rose by 1.9% on a monthly basis, also significantly beating economists' expectations.

"Cooler temperatures in October boosted clothing sales as shoppers took their cue to purchase winter clothing, while the supermarkets benefited from Halloween," ONS statistician Kate Davies said.

Core retail sales, which exclude car sales and fuel, gained 2.0% on the month, compared to the prior 0.1% increase in September which was revised up from an initial reading of no change.

The pound has been the best performing currency over past two weeks, even more so the almighty dollar.

The high court's decision that the government would have to seek parliamentary approval before it can trigger Article 50 sparked a rally in the pound.

Bank of England Governor Mark Carney warned this week that prices faced by British consumers will soon rise as stores start to pass on the near 20 percent fall in sterling since the referendum.



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