UK: CBI Retail Sales Balance improves modestly to -45% in February vs. -38 expected

The data from the UK showed on Tuesday that the Confederation of British Industry's (CBI) Retail Sales Balance in February rose to -45 from -50 in January. This reading came in worse than the market expectation of -38.

Commenting on the data, "with lockdown measures still in place, trading conditions remain extremely difficult for retailers," said Ben Jones, principal economist at the CBI, as reported by Reuters. "Record growth in internet shopping suggests that retailers' investments in on-line platforms and click-and-collect services may be paying off, but the re-opening of the sector can't come soon enough to protect jobs and breathe life back into the sector."

Market reaction

The GBP/USD pair edged slightly lower after this report and was last seen gaining 0.13% on the day at 1.4080.