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UK Retail Sales Beat Forecasts as Fuel Demand Drives Growth

UK retail sales rose in March by 0.7%. Numbers came in a lot higher than its forecast of a 0.1% increase, after February showed numbers in red and a downfall of -0.6%. While its welcoming that the retail sales sector showing an uptrend, sales up by 1.6% in Q1. The numbers for March can in a way be a little skewed. The retail sales sector did not underperform but its lift came from fuel sales. Motorists stocked up on fuel with concerns of continuing rising costs. Excluding fuel sales, its numbers only rose by 0.2%. We can see the effects in the morning session of Friday with very small GBP gains.

Donald Trump also announced over the night that a ceasefire between Israel and Lebanon will now be extended by three weeks. From his hearing questions were asked about the next steps between US and Iran, in which Trump responded ”don’t rush me”. Noticing that even if tensions in Middle East have fallen off slightly, we still see brent crude priced above the $100 mark per barrel and will be an ongoing concern for central banks on inflation pressure.

GBP/EUR 1.1518 GBP/USD 1.3466 GBP/AED 4.9481

GBP/AUD 1.8882 GBP/CHF 1.0584 GBP/CAD 1.8441
GBP/NZD 2.2996 EUR/USD 1.1685 GBP/ZAR 22.3678

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