Latest data released by ONS - 21 March 2019
- Prior +1.0%; revised to +0.9%
- Retail sales +4.0% vs +3.3% y/y expected
- Prior +4.2%; revised to +4.1%
- Retail sales (ex autos, fuel) +0.2% vs -0.4% m/m expected
- Prior +1.2%; revised to +1.1%
- Retail sales (ex autos, fuel) +3.8% vs +3.5% y/y expected
- Prior +4.1%; revised to +4.0%
Beats all around once again for retail sales as consumption pattern continues to hold solid in the UK to start the year. ONS attributes the jump to strong increases in fuel sales and online shopping, which offset a 'significant' fall for supermarkets after January sales ended. Of note, retail sales in the 3 months to February was +3.7% and represents the biggest 3-months-to-a-year rise since January 2017.
Nonetheless, the release here matters little in the grand scheme of things with the pound still largely weighed down by Brexit concerns. Cable now trades at 1.3170, a little off the lows but the data here isn't going to be a game changer on the day as May heads to Brussels to discuss extension options with European leaders.
