UK February retail sales +2.1% vs +2.1% m/m expected

Latest data released by ONS – 26 March 2021

  • Prior -8.2%
  • Retail sales -3.7% vs -3.5% y/y expected
  • Prior -5.9%
  • Retail sales (ex autos, fuel) +2.4% vs +1.7% m/m expected
  • Prior -8.8%; revised to -8.7%
  • Retail sales (ex autos, fuel) -1.1% vs -1.7% y/y expected
  • Prior -3.8%; revised to -3.7%

Slight delay in the release by the source. More or less in-line with expectations as UK retail sales bounce back a little in February after the more subdued start to the new year.

The rebound was contributed by a bounce in non-food stores sales but clothing retailers still struggled, recording the largest fall in sales volume as compared to February last year.

Of note, the proportion of online spending has increased further to 36.1% – the highest on record, reflecting the change in consumption behaviour amid the pandemic.

Cable is little changed on the day, keeping around 1.3750-55 after having tested its 100-hour moving average (now @ 1.3763) earlier.

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