UK retail sales rose more than expected over the course of November. We saw sales rally 1.4% from October and 5% from the same month a year earlier. The increase in retail sales, has been attributed at least in part to Black Friday and Cyber Monday promotions. It will be particularly interesting to see what impact this has on the December figures as consumers are likely to have pulled forward at least a portion of their spending in order to take advantage of the sales.
Sterling has been relatively muted on the news as the market continues to digest the impact of the US rate hike yesterday evening.