The Office for National Statistics (ONS) released their March statistics for UK retail sales. The volume of sales edged up by 0.1% compared to February, a marginal improvement though the year-on-year figures were significantly higher, up 4.2% compared with March 2013. This difference has in part been attributed to the freezing cold weather that was experienced last year, which hampered sales.
The headline for the release is that that the Non-Food stores saw the highest YoY increase (+9.6%) since April 2002, however food stores were down YoY.
Sterling was bid in the FX market following the release as the positive figure adds to the view that the UK economic recovery is on track and will add pressure to the Bank of England to bring forward their first rate rise.