Investors ’much-anticipated data at the start of the European session showed retail sales in the UK recorded a recovery in February as the country was still under tighter restrictions.
The Office for National Statistics (ONS) reported UK retail sales jumped 2.1% in February, following an 8.2% contraction in the previous month, in line with market expectations. Core retail sales, (excluding fuel) rose 2.4%.
On an annual basis, UK retail sales fell by 3.7% in February compared to an expected 3.5% decline and a 5.9% fall previously recorded.
However, the increase recorded in February still could not cover the significant decline in the quarter, which plunged by 8.2% in January.
UK Prime Minister Boris Johnson is expected to allow non-essential stores to reopen on April 12.
After half of the adults were given the Covid-19 vaccine, the government set a plan to relax restrictions.
The pound traded higher after seeing a recovery in UK retail sales data.
