UK retail sales growth slows to 1.6% in July, misses forecasts

In July, United Kingdom retail sales experienced a decline of 0.5% month-over-month, in line with market expectations. The core Retail Sales, excluding auto motor fuel sales, dropped by 0.9% MoM, a decline from the previous 0.9% increase. The annual Retail Sales for the UK stood at 1.6%, down from a 3.8% rise the previous year, and below the anticipated 2.2%.

Core Retail Sales increased by 2.3% month-over-month, contrasting June's 5.0% rise, which was revised downward to 5.4%. The British Pound weakened slightly in response to the disappointing Retail Sales figures, with the GBP/USD pair trading 0.11% higher at 1.3645.