UK Retail Sales drop 1.2% MoM in June vs. -0.4% expected

• The UK Retail Sales dropped 1.2% MoM in June, a big beat.
• Monthly Core Retail Sales for the UK fell 1.5% in June.
• GBP/USD stays defensive below 1.2950 after downbeat UK data.

The United Kingdom (UK) Retail Sales dropped 1.2% over the month in June after rebounding 2.9% in May, the latest data published by the Office for National Statistics (ONS) showed Friday. Markets projected a 0.4% decline in the reported month.

The Core Retail Sales, stripping the auto motor fuel sales, declined by 1.5% MoM, against the previous jump of 2.9% and the estimated -0.5% print.