U.K. retail sales unexpectedly gained 0.8% in July from the 3.9% decline from the month prior. June’s drop was a record fall and another 0.2% dip was expected as Britons continue to battle rising inflation and a deteriorating labor market. The breakdown revealed that apparel and household goods purchases rebound from -6.9% and -5.7% to 1.5% and 1.6% respectively. Resilient consumer spending could generate enough domestic growth to allow the BoE to refrain from cutting rates until price pressures ease. – John Rivera, Currency Analyst