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GBP/USD – UK consumer activity cools in the run-up to the festive season
UK consumers are reining in spending in the run-up to the festive season and the latest survey from Gfk suggests it’s not just the weather that’s driving it. Retail sales fell 0.9% in September, far exceeding expectations of a 0.3% decline as unseasonably warm weather weighed on sales of Autumn clothing. While that’s not a new phenomenon, weather is often referenced in these reports, it also comes at a time when the cost of living pressures are being felt even though wages are now outpacing inflation. Whether it is higher prices at the pump or supermarket, larger energy bills, or big increases in mortgages and ... (full story)