UK continues to provide mixed data for the market which is adding further uncertainty over the outlook for the recovery. After the BoE minutes showed the majority of members saw downside pressure on the economy from the data retail sales today showed otherwise.
Retail Sales 0.2% on the month and 1.3% on the year from a revised 0.9% drop and 1.1% respectively. Sales were expected with a drop of 0.5% and at 1.0% rise on the year.
Core retail sales, excluding auto fuel also rose 0.2% from 1.0% drop and better than the expected 0.4% drop and on the year rose 0.9% from a revised 0.8% from 1.2% and above the expected 0.8%.