The UK retail sales rose 1.2% in February, registering its largest increase in thirteen months. The result was better than the 0.2% increase expected by the consensus. The data for January was also revised upwards, from +0.5% to +0.9%.
On a year-over-year basis, retail sales fell 3.5%, moderating the previous 5.1% drop and the 4.7% drop estimated for today. This is the eleventh consecutive month of falls for the indicator.
Excluding fuel, the indicator grew 1.5% monthly, above the 0.9% in January and the 0.1% forecast.
GBP/USD reaction
The GBP/USD has reacted to the data with a slight rebound of more than 15 pips that has brought it closer to the 1.2285 area. Earlier in the Asian session, the pair fell to a two-day low of 1.2261, losing ground gained yesterday when it reached a seven-week high of 1.2343. At time of writing, the pair is trading above 1.2283, losing 0.04% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
