UK retail sales continue to struggle
The volume of sales for United Kingdom retailers continues to remain weak. The disappointing June numbers are due to sharp declines in sales of household goods and clothing. The Confederation of British Industry released their Distributive Trades Survey which reported that the retail sales balance remained unchanged at -17 in June from May. To better understand the -17 figure, it is the difference between the percentage of retailers reporting higher sales and those reporting lower sales.
The results from the survey show that business is not getting any easier and that it might be too early to foresee a pickup in the retailers' favor. The poor retail results are a reflection of the UK's economy as well as globally.
The poor survey results have the sterling foreign exchange rate presently at USD0.6042 and EUR0.8495.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.