UK Retail Sales miss estimates with 8.2% MoM in January, GBP/USD off multi-month lows

• The UK Retail Sales came in at -8.2% MoM in January.
• Core Retail Sales for the UK slumped by 8.8% MoM in January.
• The cable retreats from multi-month tops of 1.3986 on dismal UK Retail Sales.

The UK retail sales came in at -8.2% over the month in January vs. -2.5% expected and 0.3% previous. The core retail sales, stripping the auto motor fuel sales, stood at -8.8% MoM vs. -2.6% expected and 0.4% previous.          

On an annualized basis, the UK retail sales dropped by 5.9% in January versus -1.3% expected and 2.9% prior while the core retail sales fell by 3.8% in the reported month versus 2.2% expectations and 6.4% previous.

more to come ...