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15 Aug 2013
Flash: GBP rockets on UK data – TD Securities
FXstreet.com (Barcelona) - Research teams at TD Securities said that the UK saw yet another upside data surprise, with retail sales rising by 1.1% M/M in July.
Key Quotes:
“The UK saw yet another upside data surprise, with retail sales rising by 1.1% M/M in July, nearly doubling consensus of +0.6%, and defying the downside risks that we had highlighted”.
“We did have the breakdown correct though, as food store sales drove the headline number at +2.5% and non-food stores pulled back after three big months of gains with a -0.3% decline”.
“The UK calendar quiets down now for the rest of the month with just second-tier data, so the next big event for UK markets will be Governor Carney’s speech on the 28th”.
Key Quotes:
“The UK saw yet another upside data surprise, with retail sales rising by 1.1% M/M in July, nearly doubling consensus of +0.6%, and defying the downside risks that we had highlighted”.
“We did have the breakdown correct though, as food store sales drove the headline number at +2.5% and non-food stores pulled back after three big months of gains with a -0.3% decline”.
“The UK calendar quiets down now for the rest of the month with just second-tier data, so the next big event for UK markets will be Governor Carney’s speech on the 28th”.