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Little positive reaction in the GBP/USD even as UK retail sales better than expected

The February UK retail sales report has just hit the screens and it has revealed a less weak picture than the markets were expecting. Annualised retail sales did fall, but less than forecast, at -0.5%. The monthly data was at +0.2% and that was above the -0.1% decline expected. However, the Pound has not really reacted positively to this data yet and the risk would appear to be that it does not. Perhaps this data was simply not good enough? Well, the initial reaction in the currency would suggest that is the case. The GBP/USD is currently trading at 1.2627

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