Forex News: UK Retail Sales Drop at Start of Q4

forex news today,forex news 15 nevomber 2012, uk retail sales

THE TAKEAWAY: UK retail sales drop 0.7% in October, sharpest decline in 6-months -> Consumers spend less at start of Q4 -> Sterling trading steady

UK retail sales declined at the sharpest rate in 6 months according to the UK Office of National Statistics. Retail sales (excluding auto fuel) in October were reported at -0.7% versus an expected 0.1% decline, and lower than September’s revised 0.5% rise in retail sales. Retail sales in October were 1.1% higher than October 2011.

The average weekly spending on UK retail sales in October was 6.8 billion Pounds, compared with 6.6 billion in September. Internet sales were 0.5% higher in October.

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