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UK Retail Sales unexpectedly decreased in March

Thursday, Apr 23 2015
Latest data showed that quantity bought in UK in March decreased by 0.5% compared with February 2015. Analysts were forecasting 0.4% increase. The largest decrease was reported by petrol stations which fell by 6.2%. In March 2015, the amount spent in the retail industry increased by 0.7% compared with March 2014 but decreased by 0.3% compared with February 2015. Non-seasonally adjusted data show that the average weekly spend in the retail industry was £6.9 billion, compared with £6.7 billion in March 2014 and £6.6 billion in February 2015.
 
Separate report on Public Sector Net Borrowing showed 6.7 billion pounds deficit, in line with market predictions. In March 2015, public sector net borrowing excluding public sector banks (PSNB ex) was £7.4 billion; a decrease of £0.4 billion, or 5.6% compared with March 2014. This decrease in net borrowing was largely a result of a decrease of £2.1 billion  in central government net borrowing, being partially offset by an increase of £1.9 billion in local government net borrowing.
 
Sterling was pushed lower after the figures and is currently being traded around 1.4960 level. Pair is likely to find support around 1.49 area and resistance above 1.5030 level. Later today, in the US session, Unemployment Claims, Manufacturing PMI and New Home Sales figures are scheduled for a release. 
More in this category: « Weaker than expected PMI figures pushed euro lower Unemployment Claims almost unchanged from last week's level »

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