Thursday, 20 September 2018

Pound rises through $1.32 on stronger retail sales, says Office for National Statistics

Stronger-than-expected retail sales helped send the pound through $1.32 as shoppers treated themselves to new furniture and lighting.

The Office for National Statistics said sales rose 0.3% between July and August against forecasts for a 0.2% drop.

It said growth was strong at both non-food and household goods shops.

However, economists warned that spending may slow on higher inflation and caution as the UK enters the final six months before Brexit.

Overall, retail sales rose by 3.3% in the year to August according to the ONS, ahead of an expected 2.3% increase.
Sterling is up 0.59% against the dollar at $1.3221.

From July to August household goods' sales jumped 4.5% - the biggest monthly rise since May 2016 - which Samuel Tombs from Pantheon Macroeconomics said "was powered by a huge 7.8% month-to-month jump in furniture and lighting sales".

BBC    News.

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