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Retail sales surprises positively - but little monpol impact

UK DATA
  • Higher than expected retail sales print with broad-based increases, particularly in clothing, furniture, sports equipment and toy stores.
  • The ONS also points to the soft prices of furniture and household goods in the May CPI print.
  • We don't think the retail sales data will have any real impact on monetary policy. More generally the ONS notes that " sales volumes rose by 1.0% in the three months to May 2024 when compared with the previous three months. However, they fell by 0.2% when compared with the three months to May 2023."
  • GBPUSD's immediate move higher was around 10 pips on the release of the data, moving above the overnight highs to 1.2675, around half of this has since been reversed.
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