GBP review

Quotes from RBC Capital Markets:

-GBP: January retail sales were weaker than expected, falling 0.7% m/m ex-fuel (consensus -0.3%) and December was also revised to show a small fall (-0.1% m/m from +0.2% previously reported).

-These data can be particularly erratic around December/January, but the underlying trend remains solid, with sales up 2.3% in 3m/3m terms.

-Public finances data for January (a key month for tax receipts) were close to expectations showing a large seasonal surplus.