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by ForexNewsNow Team on October 28, 2010

CBI October retail sales fall more than forecast

GBP USD analysis - U.K. retail salesNEW YORK (Forex News Now) – U.K. retail sales fell more than forecast in October, a survey by a British trade organization suggested on Thursday in one of the day’s major realtime forex news events.

In a report likely to impact currency market trading, the Confederation of British Industry said its monthly distributive trades survey’s reported sales balance fell to 36 during the month, down from 49 in September.

Analysts had expected October’s figure to come in at 40, two major online FX trading news outlets reported.

In a statement, the CBI Head of Economic Analysis, Lai Wah Co, said: “High street sales in aggregate have performed well again this month, but sales of durable household goods have slowed noticeably, in line with more subdued housing market activity of late.

“Retailers expect sales growth to continue next month, in the run-up to Christmas. We should also see more of a boost to sales as shoppers look to beat the New Year VAT rise, but looking beyond that, broader consumer caution may temper growth in spending into 2011.”

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