The Confederation of British Industry (CBI) reported that British Retail Sales declined during May to a lowest level for the past year. Consumer budgets remained under pressure due to rising prices and slowed down income rising rate. Retail sellers projected smaller investments.
According to official data The Confederation of British Industry (CBI) Distributive Trades indicator decreased to -11 during May, as this was the most significant drop since January 2012, when the reading was -22. April reading of the indicator was -1.
Data showed a bit more optimistic predictions made by UK retail sellers, regarding their sales figures in June. The indicator, gauging these expectations, rose to +10 pct. Long-term forecasts were not so optimistic.
After the release of CBI Distributive Trades, the British pound dropped versus US dollar, reaching a session low at 1.5007.
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