Release Explanation: Retail sales are a very important set of figures that make up a large percentage of consumer spending numbers. Retail sales are the measure of the total sales of goods and services by retail stores. “Retail Sales is an important measure of consumer spending and inflationary pressures,” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: U.K. retail sales continue to remain resilient in the face of the economic slowdown, U.K. retail sales rose again in March, recording a 0.3% gain. From one year ago, retail sales are up by 1.5% in March, after hitting the lowest growth rate since 1995, of 0.4% in February
Sales volume in predominantly food stores rose by 0.6 per cent. Sales volume for predominantly non-food stores fell by 0.2 per cent. Within predominantly non-food stores, the largest rise was for textile, clothing and footwear stores at 1.5 per cent while the largest fall was for household goods stores at 2.0 per cent. Non-store retailing and repair rose by 3.4 per cent.
Forex Technical Reaction: The pound fell 40 pips after the release, but the move was retraced very fast. During the European session, the pound traded in a close range, trading near the neutral pivot point (1.4595)