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Pound Sinks On Record Retail Sales Miss
The British Pound is back under pressure today following a dismal set of retail sales for December. Retail activity was seen falling by 3.7% over the month, well below the -0.6% reading forecast, marking a stark drop from the prior month’s 1% gain. Indeed, at this level, UK retail sales over the festive period were the worst on record. Now, admittedly this isn’t great news. However, it is worth remembering that December was a very difficult month globally given the fears around omicron which, at the time, threatened to be the worst wave of the pandemic yet. Since then, of course, we have (thankfully) seen risks ... (full story)