UK: retails sales adds some credibility to the BoE's argument . . . - ANZ
|Analysts at ANZ noted that UK retail sales were much stronger than expected, rising 1.0% m/m.
Key Quotes:
"July was also revised up (+0.6% vs +0.3% m/m). That adds some credibility to the BoE's argument that some modest adjustment (tightening) in policy is appropriate.
The BoE cut 25bps last year because of concerns about a possible sharp growth slowdown. That hasn't really occurred. US August home sales dipped to 5.35m (mkt: 5.45m; last: 5.44m), a one-year low. Excluding the hurricane, sales would have been flat. The median price was up 5.6% y/y, totaling $253.5k."
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