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Little reaction to retail sales, as expected

UK DATA
  • The big downward driver to UK retail sales is the "household goods stores" component which fell 9.3% M/M (the ONS notes this includes furniture and lighting stores).
  • As we noted would be the case in our preview bullet, there has been very little reaction in EURGBP which moved less than 5 pips on the release. This won't sway anyone's view on the MPC ahead of the November meeting.

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