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Retail sales due at 7:00BST

UK DATA
  • The UK's busy data week concludes with the release of retail sales at 7:00BST this morning.
  • Compared to the labour market and inflation data this is unlikely to be as relevant for markets, but note that this is the last retail sales print ahead of the September MPC meeting (whereas we will get one more labour market print and the MPC will have early access to the next inflation print).
  • Consensus expectations are for the in fuel measure are generally fround the -0.5% to -0.5%M/M area while for the ex fuel print are expected between -1.0% to -0.5%M/M.
  • Markets price just under 33bp for the September meeting and a peak of 88bp in March 2024 at yesterday's close.

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