Sterling weakens notably after rather poor December UK retail sales data.

  • Retail sales including auto fuel dropped -0.9% mom versus expectation of -0.7%.
  • Retail sales excluding auto fuel dropped -1.3% mom versus expectation of -0.5% mom.

Also, for the three months to December, compared with the previous three months:

  • Retail sales including auto fuel dropped -0.2%
  • Retail sales excluding auto fuel dropped -0.4%

Full release here.

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