Pound Up On UK Retail Sales Jump As Weather Spurs Seasonal Sales
U.K. May retail sales significantly surprised to the upside printing a 3.5% jump against expectations of a 0.1% decline, which was the biggest increase since records began in 1986. The rebound ended consecutive monthly declines of 0.3% declines in April and March and prevented the first decline for three consecutive months since 1991. A 9.2% increase in clothing sales from a 2.1% decline in April, as Britons continued their penchant for shopping. The warmest May ever saw shoppers load up on seasonal foods and clothing lifting annualized sales 8.1% from 3.8% the month prior. The pound briefly jumped through the $1.97 barrier on the news and is currently $1.9675 at 11.00 am London time.