Sterling shrugs stellar UK retail sales, awaits BoE

UK retail sales came in stronger than expected in November. But the pound paid little attention to the data, as BoE rate decision looms. Also, Sterling is overwhelmed by strength of Euro and Swiss Franc, and selloff in Dollar.

• Retail sales including auto and fuel rose 1.4% mom, 3.6% yoy versus expectation of 0.3% mom, 1.9% yoy.
• Retail sales excluding auto and fuel rose 1.2% mom, 3.8% yoy versus expectation of 0.2% mom, 2.3% yoy.

ONS noted that
“retailers reported strong growth on the month due to Black Friday promotions in November, which continues the shifting pattern in consumer spending to sales occurring earlier in the year”.

Full release here.

Suggested readings on BoE:

• BOE Probably Turns More Cautious amid Brexit Uncertainty
• Brexit Strain to Take Shine off UK CPI and Retail Sales Data, as Well as BoE Meeting