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Sterling advanced against the US dollar this morning, despite the Office for National Statistics (ONS) today reporting weaker-than-expected domestic retail sales volumes for August.
The ONS revealed that retail sales were flat last month and up by 2.1% from a year ago. A Reuters survey suggested retail sales were expected to rise by 0.1% in August from an originally reported 0.4% gain the month before. July’s retail sales were revised downwards to a 0.2% increase. Separately, the Confederation of British Industry’s (CBI) monthly industrial output balance rose to a reading of -48 this month from -54 in August, suggesting an improvement in the order books of manufacturing companies.
