UK Retail Sales jump 2.9% MoM in May vs. 1.5% expected

• The UK Retail Sales rebounded 2.9% MoM in May, a big beat.
• Monthly Core Retail Sales for the UK jumped 2.9% in May.
• GBP/USD holds gains above 1.2650 after upbeat UK data.

The United Kingdom (UK) Retail Sales rebounded 2.9% over the month in May after falling 1.8% in April, the latest data published by the Office for National Statistics (ONS) showed Friday. Markets predicted a 1.5% uptick in the reported month.

The Core Retail Sales, stripping the auto motor fuel sales, rose 2.9% MoM, against the previous decline of 1.4% and the market forecast of 1.3%.

The annual Retail Sales in the UK rose 1.3% in May versus April’s 2.3% drop while the Core Retail Sales increased by 1.2% in the same month versus -2.5% previous. Both figures outpaced expectations.

Market reaction to UK Retail Sales report

GBP/USD picks up fresh bids on strong UK data release, up 0.10% on the day to trade near 1.2670, as of writing.