UK Retail Sales arrive at 0.0% MoM in Feb vs. +0.2% expected, GBP/USD unmoved
Fundamental Forex Analysis

UK Retail Sales arrive at 0.0% MoM in Feb vs. +0.2% expected, GBP/USD unmoved

  • The UK Retail Sales came in at -0.3% MoM in February.
  • Core Retail Sales for the UK dropped 0.5% MoM in February.
  • Cable remains unfazed by the downbeat UK Retail Sales data.

The UK retail sales came in at -0.3% over the month in February vs. +0.2% expected and +0.9% previous. The core retail sales, stripping the auto motor fuel sales, stood at -0.5% MoM vs. -0.2% expected and +1.6% previous.          

On an annualized basis, the UK retail sales stood at 0.0% in February versus +0.8% expected and +0.8% prior while the core retail sales also advanced 0.5% in the reported month versus +1.1% expectations and +1.2% previous.

Main points (via ONS):

“Online sales as a proportion of all retailing was 19.6% in February 2020, up from 19.1% reported in January 2020.

The data collection for the period was completed by 29 February and is largely unaffected by recent developments with the coronavirus; however, a small number of retailers suggested that online orders shipped from China were reduced because of the impact of COVID-19.”

FX implications:

GBP/USD fails to react on the downbeat UK Retail Sales data, as it keeps its range near 1.1835 region.

Source Link