Sterling jumps as retail sales beat expectations, growth in all four sectors

Sterling surges broadly again after August retail sales data beat market expectations.

• Retail sales include fuel rose 0.3% mom versus expectation of -0.2% mom
• Retail sales include fuel rose 3.3% yoy versus expectation of 2.3% yoy
• Retail sales exclude fuel rose 0.3% mom versus expectation of -0.3% mom
• Retail sales exclude fuel rose 3.5% yoy versus expectation of 2.3% yoy

All four main sectors contributed positively to growth. In volume term, Food stores contributed 1.0% yoy, non-food stores 0.9% yoy, non-retailing stores 1.2% yoy and petrol stations 0.2% yoy.