UK data: retail sales disappointed, consumers faltering as BoE expected - ANZ
|Analysts at ANZ noted that the UK January retail sales data were disappointing, with sales falling for the third month in a row.
Key Quotes:
"Ex-auto fuel sales dropped 0.2% m/m following a revised 2.2% m/m drop in December. Sales at household goods stores fell 0.6% and non-store retailing was down 4.1%.
Over the past six months sales have been flat. The notion of a booming consumer (a source of strength) is fading and as inflation picks up, that will erode consumer’s purchasing power (particularly given slow wage growth).
One of BOE Governor Carney’s key judgments (and reasons for keeping rates low) was that consumers will falter, and so far that looks to be panning out."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.