- UK retail sales fell 0.3% in January, their third successive month of decline and suggesting consumers may be feeling the pinch of rising inflation. Sterling dived on the news.

The market was expecting a rise of 0.9%, with December's print revised to -2.1% from -1.9%.

At 9.47am, sterling was down 0.52% to $1.2424, having plunged to this level immediately after the surprise UK retail sales number.

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