UK retail sales weaker than expected
27 June 2007
27.06.2007
UK
retail sales weaker than expected
The CBI reported weaker than expected retail sales in June as poor weather and higher interest rates took their toll on activity on the high street. The distributive trades survey’s reported sales balance fell to +17 in June from +31 in May (the market had been expecting a figure around +25). Nevertheless, the impact on Sterling was minimal with the market now pricing in a rate hike in July following the 5-4 vote in June.