Latest data released by ONS - 22 May 2020
- Prior -5.1%; revised to -5.2%
- Retail sales -22.6% vs -21.2% y/y expected
- Prior -5.8%
- Retail sales (ex autos, fuel) -15.2% vs -15.0% m/m expected
- Prior -3.7%; revised to -3.8%
- Retail sales (ex autos, fuel) -18.4% vs -18.6% y/y expected
- Prior -4.1%; revised to -4.2%
Slight delay in the release by the source. It goes without saying that these are the worst-ever reported figures in the series for UK retail sales as we see consumption activity collapse amid lockdown measures and the fallout from the coronavirus outbreak.
Looking ahead, the key question will be how quickly will the pace of recovery be in the months ahead? In that sense, it is best to look at the year-on-year figures moving forward.
Cable is keeping steady on the release, still slightly lower at 1.2216 as the dollar keeps firm amid the softer risk mood in the market.
