GBP dropped below 1.32 against the USD and 0.2% against the EUR after poor UK retail sales figures were released earlier this morning, coming in at -0.3% over the month in February vs 0.6% expected and 1.9% previously.
Non-store retailing sales volumes fell by 4.8% on the month while food store sales volumes dropped by 0.2% on the month. The details show that some of the drop in the former may also be because of affordability concerns, that indicates that the cost of living crisis is starting to become more evident, as inflation grips.
Across the pond the US Markit Manufacturing PMI rose to 58.5 in March compared to 57.3 previously and 56.3 forecasted, on the same line the Services PMI also rose to 58.9 versus 56.5 prior and a softer forecast of 56.
Have a great weekend.
Joseph Sidders, Relationship Manager.
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