Research Team at TDS, suggests that the UK retail sales rebounded by a healthy 2.3% m/m in January, following a decline of 1.4% in December that had been mainly driven by the effects of warm weather delaying apparel sales. Key Quotes “Strength in the January figure was broad-based, supported in particular by strength in the “other stores” category (+8.1% m/m) and catch-up in the apparel category (+3.3% m/m, as we had expected). Today’s print leaves the January figure at a very healthy 5.2% y/y gain. Public finances were also better than expected, with upward revisions to December’s surplus, and a better-than-expected deficit of -£11.2bn in January. In fact, January’s debt data shows the first annual fall in the debt-to-GDP ratio since September 2002, something the Chancellor will be sure to boast about in next month’s budget.” For more information, read our latest forex news.