UK Retail Sales arrive at -0.3% MoM in Feb vs. +0.2% expected, GBP/USD unmoved
|- The UK Retail Sales came in at -0.3% MoM in February.
- Core Retail Sales for the UK dropped 0.5% MoM in February.
- Cable remains unfazed by the downbeat UK Retail Sales data.
The UK retail sales came in at -0.3% over the month in February vs. +0.2% expected and +0.9% previous. The core retail sales, stripping the auto motor fuel sales, stood at -0.5% MoM vs. -0.2% expected and +1.6% previous.
On an annualized basis, the UK retail sales stood at 0.0% in February versus +0.8% expected and +0.8% prior while the core retail sales also advanced 0.5% in the reported month versus +1.1% expectations and +1.2% previous.
Main points (via ONS):
“Online sales as a proportion of all retailing was 19.6% in February 2020, up from 19.1% reported in January 2020.
The data collection for the period was completed by 29 February and is largely unaffected by recent developments with the coronavirus; however, a small number of retailers suggested that online orders shipped from China were reduced because of the impact of COVID-19.”
FX implications:
GBP/USD fails to react on the downbeat UK Retail Sales data, as it keeps its range near 1.1835 region.
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