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The UK consumer can handle higher interest rates?

The UK consumer can handle higher interest rates? | 21 July 2023

21 July 2023, GBP/USD

The UK consumer can handle higher interest rates?

GBPUSD trading plan:

UK retail sales data beat market expectations during the hottest June on record, benefitting department stores in particular. The data from the Office for National Statistics showed a year-on-year decline in retail sales of 1.0%, which was an improvement from the 2.1% drop in May, above the consensus estimate of a 1.6%. Department stores saw the benefit as sales volumes increased 1.9%, while there was also a 1.4% increase in sales at household goods stores due to strong sales of furniture. Food store sales jumped 0.7% to more than reverse May’s 0.4% drop. Retail sales volumes still were below their pre-Covid level in June, but the 1.0% shortfall was the smallest since September, and the 0.4% quarter-on-quarter increase in in Q2 marked the first time they had risen by two consecutive quarters since Q3 2019.

Investment idea: range 1.2800 -1.2900.

David Johnson
Analyst of «FreshForex» company
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