Analysts at TDS are looking for a 0.2% m/m gain for January retail sales (mkt +0.5%) of UK, which would be a disappointment after the large -1.5% drop in Dec.
“In fact, some of the more recent data, like the visa expenditure survey released earlier this week, points to a more dire outcome and possibly even a second m/m decline. While the BoE is happy enough to see other areas of the economy take the lead in driving overall UK growth, we’ll need to see consumer spending picking up at least a bit from recent trends in order the leave the BoE comfortable with delivering another rate hike in May.”
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