We have seen GBP taking further losses in Friday’s morning session against both the EUR and USD after UK retail sales were released this morning. British retail sales were expected to increase by 0.4% in December.
Instead, we did see a contraction for December of -0.3% with supermarkets being the main underperformer, seeing the worst performance dating back to 2013. The contraction could have been worse if wasn’t for non-food stores, i.e. clothing and retail improving their figures from November and October. Interestingly the retails sales figures from November were revised this morning too and looked worse than what initially was recorded. Then for retail sales to contract by -0.3% in December indicating tough times for the economy.
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