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CBI Realized Sales survey showed highest balance since January 1988

Friday, Dec 19 2014
Latest CBI survey on Realized Sales showed that 71% of respondents reported sales volumes up on a year ago, while 9% said they were down, giving a rounded balance of +61%, well above the +30% that had been expected and the highest balance since January 1988 (+67%). 
 
Barry Williams, CBI Distributive Trades Survey Chairman and Asda Chief Merchandising Officer for Food, said:“The strongest sales growth for a quarter of a century is a big boost for retailers as they head towards the climax of the crucial pre-Christmas trading period. Black Friday price-cuts, embraced more widely by more UK retailers than ever, and discounting played an important part in helping sales, encouraging more customers into stores and online to buy more widely."
 
"But, shoppers may have caught the Christmas bug early and brought some of their spending forward. This has been a tough year for many retailers and parts of the sector are still struggling. Increasing disposable income from real wages growth, and falling fuel prices are giving retailers reasons for optimism but we’ll need to see in the New Year whether the upbeat mood takes hold,” he concluded.
 
Despite good figures, Sterling declined and is currently being traded few points above 1.5630 level. Pair is likely to find support around 1.56 handle and resistance around 1.5680 area. We can expect a steadier rest of the session since there will be no data releases in the US session.
Last modified on Friday, 19 December 2014
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