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.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
