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UK Retail Sales Reach 2022 Highs as Gold and Tech Drive Growth Ahead of US Inflation Data

Retail sales in the UK showing signs of strength and a potential boost for the economy. We saw UK retail sales month-on-month rise by 0.5% in September and after its previous month, August, was revised from 0.5% to 0.6%, retail sales have now reached its highest levels since back in 2022. For September we can see that the main contribution in a better performing retail sales sector came from gold and the tech sector. Gold prices have been surging recently, and gold jewellers has reported a strong demand of gold purchases. For the tech sector there has been an uplift in the last couple of months too, with the launch of Nintendo Switch 2 and iPhone 17. This boosted September figures and over the quarter from July to September we saw a total uplift of 0.9% for the whole retail sales sector.

In today’s afternoon session US will release both core inflation and inflation levels. USD has been performing better of lately, and ahead of the Federal Reserve’s next interest rate decision, inflation readings will still be of high importance. Expectations ahead of its announcement today is that core inflation levels will stay untouched from its previous month at a total of 3.1%, still above their target rate of 2%. Including food and energy, inflation levels are expected to rise slightly from 2.9% to 3.1%.

GBP/EUR 1.1457 GBP/USD 1.3308 GBP/AED 4.8891
GBP/AUD 2.0491 GBP/CHF 1.0589 GBP/CAD 1.8664
GBP/NZD 2.3183 EUR/USD 1.1599 GBP/ZAR 23.1151

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