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Retail sales above consensus but concerning details

UK DATA
  • Mixed report at first glance - non-food stores volumes fell 0.6% in April, with "other non-food stores" down -3.3%M/M. Non-store retailing rose 3.7% M/M helped by clothing sales.
  • Supermarket sales of tobacco and alcohol were up 2.8%, but food sales flat. The ONS notes: “April’s rise was driven by an increase in supermarket sales, led by alcohol and tobacco and sweet treats, with off-licences also reporting a boost, possibly due to people staying in more to save money."
  • So we were above consensus, and there were upward revisions to March, but we are still down -6.1%Y/Y. And there are some concerns over discretionary spending and people going out less.
  • Looking at 3m/3m we continue the downward trend and are down 0.3%.
  • GBPUSD around 15 pips higher than pre-release.
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