UK CBI Oct retail sales report now out 27 Sept
- highest since Dec 2016
- Sept retail sales balance 42 vs 5 exp vs 10 prev
- highest since Dec 2015
Not Tier 1 data but algos feeding off the report and sends GBPUSD up to 1.3420 with EURGBP down to 0.8754
Survey conducted between Aug 25 and Sept 14 and based on 55 retail firms. Hardly a full snapshot but hey, what do us mere mortals know.
I reckon this pound rally can be sold.. EURGBP nearing decent support around 0.8750. GBPUSD approaching sell interest into 1.3430
Here’s more from the report:
- 56% of retailers said that sales volumes were up in September compared with a year ago, whilst 15% said they were down, giving a balance of +42% — the highest since September 2015 (+49%). This was also above expectations (+19%).
- 37% of respondents expect sales volumes to increase next month, with 14% expecting a decrease, giving a balance of +23%.
- 26% of retailers placed more orders with suppliers than they did a year ago, whilst 13% placed fewer orders, giving a balance of +12%. Orders are expected to grow at a slower pace next month (+7%).
- 24% of retailers reported that their volume of sales for the time of year were good, whilst 12% said they were poor, giving a balance of +13%
- Internet sales volumes continued to expand in the year to September, at a faster pace than in the previous month (+54%, compared with +34% in August), and above the long-run average (+48%).
- Grocers’ sales volumes rose strongly (+49%), with clothing retailers also performing well (+75%). Retailers of furniture & carpets (-18%), specialist food & drink stores (-45%) and sellers of recreational goods (-33%) reported falling sales volumes over the year to September.