UK retail sales fall.

UK retail sales fell by 1.6%, much larger than economists predicted, continuing a slide since the summer 2021 the Office for National Statistics (ONS) said. August’s sales figures signalled the largest month-on-month drop since December 2021. In a bid to curb rising prices, the Bank of England is expected to keep increasing interest rates. The Bank has warned inflation could top 13% this year.

New Chancellor Kwasi Kwarteng will deliver his statement on Friday 23 September, four days after the Queen’s funeral and the end of the official national mourning period.

The world bank has warned that interest rate hikes could trigger a global recession. The warning from the World Bank comes ahead of monetary policy meetings by the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.

Economic Calendar

07:00GBP Retail Sales m/m-0.5%0.4%
10:00EUR Final CPI y/y9.1%9.1%
10:00EUR Final Core CPI y/y4.3%4.3%
15:00USD Prelim UoM Consumer Sentiment60.058.2
15:00USD Prelim UoM Inflation Expectations4.8%
21:00USD TIC Long-Term Purchases121.6B121.8B

*All rates shown are indicative of interbank rates and should only be used for indication purposes only. It is important to note that foreign exchange rates fluctuate and that rates may vary depending on the amount and the base currency that is purchased or sold. Rates are correct as of 8:00am UK time. CentralFX are not responsible for the rates shown.