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Disappointing but unlikely to alter MPC's reaction

UK DATA
  • The ONS notes that wet weather impacted sales - the wettest July since 2009 and the sixth wettest on record. And this also led to the highest proportion of online sales since February 2022.
  • It is a disappointing print and there were also some minor downward revisions to prior months - but the UK retail sales data is very volatile so this is unlikely to have much impact on the MPC's reaction in September. Labour / inflation data remain much more important.
  • GBPUSD initially dipped just under 20 pips on the release (but had moved around 10 pips higher just ahead of the release.
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