UK: Retail sales expected to dip 0.5% MoM in March - Nomura

Sandeep Kanihama FXStreet Contributor

The research team at Nomura explains that the latest BRC survey showed UK retail sales growth in real terms at its lowest rate for four years and Nomura expects this more marked slowdown to show up in the official data in the months ahead with March numbers at around -0.5% m-o-m and 3.8% y-o-y.

Key Quotes

“Official sales volumes have been volatile over the past six months, with monthly growth alternating between rates of close to zero and between 12% (both positive and negative). A better way to look at this jumpy series is to consider the annual rate on a quarterly basis, which currently stands at 3.7% (its lowest for almost a year). Sterling depreciation and the associated rise in inflation are undermining real wage growth which, in turn, appears to be negatively impacting spending.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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