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UK retail sales show unexpected rise in July

UK retail sales show unexpected rise in July

U.K. retail sales showed an unexpected rise in July due to a large increase in online sales, the Office for National Statistics reported.

Retail sales volume soared 0.2 percent last month, compared to forecasts of 0.3 percent decrease, following a revised 0.9 percent advance.

The annual reading showed a 3.3 percent surge, surpassing forecasts of 2.6 percent, compared to a prior of 3.8 percent.

Internet shopping edged up by 6.9 percent during the month, and was 12.7 percent up from a year ago, probably due to Amazon’s Prime Day.

The GBPUSD pair traded higher at 1.2093, but it is still trading close to its lowest level since January 2017, as of 09:08 GMT.

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