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UK DATA: Retail sales broadly in line with expectations

UK DATA

Retail sales broadly in line with expectations - particularly given the volatility of the series. Inc fuel a tenth lower M/M than consensus, ex fuel a tenth higher, both with positive revisions to June data.

  • Y/Y for both inc/ex fuel 1.4% - in line with consensus.
  • The ONS notes that "Department stores and sports equipment stores reported a boost following summer discounts and sporting events."
  • GBPUSD currently at an intraday high of 1.2885 (versus 1.2878 pre-data.
  • Nothing surprising in this data at first glance for the MPC.

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