The data published for the BRC Retail Sales Monitor (YoY) in February showed a decrease in retail sales growth compared to the previous month. This could indicate a slowdown in consumer spending in the UK, which may be a result of various factors such as economic uncertainty, Brexit concerns, or even seasonal trends. The lower retail sales growth could have implications for the overall GDP growth in the UK, as consumer spending is a significant component of the economy. This data, in conjunction with the previously mentioned GDP figures for the UK, suggests a challenging economic environment in the country.
Currency sentiment: Bearish on GBP
Sentiment timeframe: Short to medium term