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Food sales drive upside surprise - unlikely to be start of positive trend

UK DATA
  • Looking into the details of the UK retail sales print - the biggest upside was through good sales as people increased purchases for the Jubilee celebrations. All the other categories fell with some decent falls in clothing stores, household good stores and the volume of fuel people were buying (with the latter down due to the high price).
  • So looking from a forward perspective the upside surprise seen this month looks likely to be reversed in the July print.
  • Very little reaction in GBPUSD or EURGBP in reaction to the print.
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