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Analysts at TD Securities point out that the UK’s retail sales surprised to the upside at +0.4% m/m in February (mkt: -0.4%).

Key Quotes

“Gains were generally broad-based across components, with food sales the one notable weak sector (-1.2% m/m); non-food sales were up 0.9%.”

“Today’s report leaves the Q1 snapshot around 1.1% q/q (assuming no change in March), and reflects households’ long-held determination to ignore Brexit-induced uncertainty when it comes to their spending patterns.”