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CBI Realized Sales showed balance of +1%

Monday, Feb 23 2015

Latest CBI survey on Realized Sales showed that 30% of respondents reported that sales volumes were up on a year ago, while 29% said they were down, giving a balance of +1%, significantly below expectations (+42%) and the lowest since November 2013 (+1%). However, despite the fall in sales, prices and headcount, retailers still expect a moderate improvement in their business situation over the next three months.

Rain Newton-Smith, CBI Director of Economics said: “After a strong start to the year, retailers were disappointed by the unexpected halt in sales growth. In particular, continually heavy discounting in the grocers sector seems to be weighing on activity. Looking ahead, the outlook for the retail sector is fairly positive, with the boost to household incomes from falling inflation likely to support spending. Indeed, firms remain upbeat about the businesses situation over the coming quarter.

 

After the data Sterling extanded its loses and is currently being traded few points above 1.5330 level. Pair is likely to find support around 1.53 handle and resistance above 1.5380 level. Later today, in the US session Existing Home Sales figures are scheduled for a release.

More in this category: « Still no ceasefire in Ukraine Existing Home Sales at the lowest level since May »

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