Pound gains as retail sales perform well in June

(Source: ONS)

Retail sales are up 2.1 per cent in the year to June, above the 1.6 per cent growth economists had been forecasting. The pound is performing better on the news.

The growth into quarter 2 (0.9%) will therefore contribute approximately 0.1 percentage points to gross domestic product (GDP) when estimated from the output approach.

In the month of June itself, sales grew by 0.2 per cent from 2.1 per cent the month before, in line with expectations.