Forexpros – Retail sales in the U.K. fell more-than-expected in February, declining for the first time in three months, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales fell by a seasonally adjusted 0.8% in February, disappointing expectations for a 0.5% decline.
Retail sales for January were revised down to a 0.3% gain from a previously reported 0.9% increase.
Year-on-year, retail sales rose at an annualized rate of 1.0% in February, below expectations for a 2.4% increase, after rising at a rate of 1.4% in the preceding month.
Core retail sales, which exclude automobile sales, fell 0.8%, compared to expectations for a 0.6% decline.
Following the release of the data, the pound accelerated losses against the U.S. dollar, with GBP/USD dropping 0.59% to trade at 1.5781.
Meanwhile, European stock markets remained sharply lower after the data. The FTSE 100 tumbled 1.1%, the EURO STOXX 50 sank 1.8%, France’s CAC 40 dropped 1.8%, while Germany’s DAX plunged 1.75%.
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