Concerns have been raised in the last few months on how the UK economy is underperforming – which has been noticed on markets with GBP not performing as well as in the first half of 2024. This morning, we could see a glimpse of hope with UK BRC retail sales monitor indicating improving sales numbers in January.
Even if the weather was very poor in January, it did not hold back consumers from spending. Non-food and in-store non-food sales were the best performers, showing growth in sales. This did not reflect on the markets, as Tuesday’s opening seeing GBP in negative territory to both the EUR and USD.
Can we see a reaction later in the day for GBP? Well, around midday Bank of England governor Andrew Bailey will speak.
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