UK retail sales report for February was released this morning at 7:00 am GMT. Data was expected to show a drop in headline and core measures, on year-over-year basis as well as on the month-over-month basis. Actual report turned out to be a positive surprise - on an annual basis, headline and core retail sales drop less than expected. Moreover, monthly headline price growth remained flat (0.0% MoM) while core monthly growth was positive.
GBP ticked higher following the release. However, scale of the move was very small and did not exceed 0.1% on GBPUSD in the first few minutes of trade.
UK retail sales for February
- Headline (annual): -0.4% YoY vs -0.8% YoY expected (+0.7% YoY previously)
- Headline (monthly): 0.0% MoM vs -0.3% MoM expected (+3.4% MoM previously)
- Core (annual): -0.5% YoY vs -0.8% YoY expected (+0.7% YoY previously)
- Core (monthly): +0.2% MoM vs -0.1% MoM expected (+3.2% YoY previously)
Source: xStation5
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