UK February retail sales much better than expected, but January data sees sharp downward revision

At +2.1% m/m, +3.5% y/y compared to median forecasts of +0.7%, +3.2% respectively as household good sales increased at record level.

January’s data however was revised sharply lower, to -3.0% m/m, -0.8% y/y from previous -1.8%, +0.9% respectively.

Cable moved from 1.4940 post release to session high 1.4987 before settling back to 1.4970 at writing.