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UK Retail sales printed better than expected at 1.2% versus 0.3% as warm weather and discounts helped to fuel consumer demand. Additionally BBA mortgages rose to 35.2K from 31.9K the period prior. This was the fourth consecutive rise in the BBA number as signs of a bottom in the UK housing market are becoming evident.
Although the latest UK macro economic data clearly suggests that the economy has stabilized it is still too early to determine whether it is in full recovery mode. The Retail sales component is notoriously volatile and the currency market will need to see several months of positive growth in order to be reassured that consumer demand has been restored. Nevertheless, today’s news provides yet another piece of supporting evidence for the bullish argument that the worst of the global contraction is over and the recovery phase is well under way.
Source: FX360.com