UK January retail sales data now out 165 Feb
- -1.4% prev revised up from -1.5%
- yy 1.6% vs 2.5% exp vs 1.4% prev
- ex autos/fuel mm 0.1% vs 0.6% exp vs -1.5% prev revised up from -1.6%
- yy 1.5% vs 2.4% exp vs 1.3% prev
Soggy data but GBPUSD higher at 1.4120 from 1.4102 prior. Looks like sell rumour/buy fact but algos din't even give it a shove down which is strange
I mentioned the option expiries at 1.4100 (GBP 430m) so it appears someone has drawn a line the sand to defend those. Maybe we'll see another crack at breaking lower if we can clear those out. Options still live until 15.00 GMT though so range could be contained now.
ONS says food sales lower but gym wear sales increased. All those New Year resolutions to lose weight and gym memberships that last a month. lol
ONS also say they see continued slowdown in retail sales partly due to rising prices.
On current showing those rising prices won't be around for long making a bit of a mockery of the BOE's recent comments. EURGBP at 0.8900 means imports from EU still expensive though.
