According to the latest CBI Relaized Sales survey 30% of retailers said that sales volumes were up in September on a year ago, while 38% said they were down, giving a balance of -8%. This was below expectations (+3%), and a decline on the previous month’s balance (+9%). Rain Newton-Smith, CBI Chief Economist, said: “September is normally an important month for retailers and it’s encouraging to see that sales of clothing, DIY goods and hardware are above seasonal norms.
“However, consumer confidence has been dented since earlier in 2016 and higher inflation is likely to squeeze household incomes over the year ahead. With margins remaining tight, retailers are set to continue to operate in a fiercely competitive environment for some time.”
Sterling is currently being traded around 1.30 handle. Pair is likely to find support around 1.2950 area and resistance above 1.3050 level.
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