Finally in UK today Retail Sales jumped 4.0% on year over year basis versus expectation of only 3.7% gain. The results were welcome news to woe begotten pound bulls, suggesting that BOE may not have to rush to lower rates in order stimulate demand. More importantly, M4 continued to grow wildly, reaching 12% y/y rates which would likely restrain the BOE from dropping rates at a time when liquidity already appears to have reached inflationary growth levels.
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