- UK retail sales stood at -8.2% MoM in January.
- Retail sales excluding fuel slumped 8.8% month-on-month in January.
- The pound is down slightly from multi-month highs at 1.3986 due to dismal UK retail sales.
Retail sales in the UK stood at -8.2% during the month of January compared to the -2.5% expected and + 0.3% previously. Excluding fuel, the indicator fell to -8.8% month-on-month compared to the -2.6% estimated and + 0.4% previously.
On an annualized basis, UK retail sales fell to -5.9% in January versus -1.3% forecast and + 2.9% in December, while excluding fuel they fell to -3.8% versus + 2.2% expected and the previous + 6.4%.
The GBP/USD, which yesterday reached its highest level since April 2018 at 1.3986, has opened the firm today, maintaining the gains of the previous day. Just before the data was released, the pound had hit a daily high at 1.3983, to retreat after retail sales at 1.3967. At time of writing, the pair is trading above 1.3972, losing 0.02% daily.
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