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No surprises in UK retail sales for August: +0.4%, bang on expectations. Year over year, we have a rise of 3.9%, slightly below 4.1% expected.  UK store prices fall 1.2% y/y, the most since 2009. This isn’t good news. The general picture of the UK economy is good, but the lack of inflationary pressures seen in both this week’s CPI data as well as in prices in stores, is quite discouraging for the central bank.

The pound is marginally lower.

UK retail sales were expected to rise by 0.4% in August after 0.1% in July. This release usually has a significant impact on  the pound, but today is a very special and historic day: the day of the Scottish referendum.

GBP/USD traded around 1.63 in quite a choppy  fashion.

More on the big event: