英国经济数据凸显了英格兰银行的困境。本周，一系列经常相互矛盾的英国经济数据和调查使英格兰银行对英国经济是否更容易面临失业潮或新一轮持续高通胀的风险一无所知。

UK economy readings underscore Bank of England's dilemma.A flurry of often contradictory UK economic data and surveys this week has left the Bank of England none the wiser about whether Britain's economy is more at risk of a wave of job losses or a new period of persistently high inflation.

英镑从1.26年代中期的100天/周MA信号下跌–丰业银行。丰业银行首席外汇策略师Shaun Osborne指出，在第四季度连续公布疲软数据后，英国1月份零售额稳健增长2.1%，远超预期。

GBP turns lower from 100-day/week MA signals in mid-1.26s – Scotiabank.UK Retail Sales rose a solid 2.1% in January, well ahead of expectations, after run of soft data in Q4, Scotiabank's Chief FX Strategist Shaun Osborne notes.

英国零售额大幅增长，英镑保持稳定。英镑兑美元在前一天上涨0.6%后，周五企稳。英镑/美元在欧洲交易时段交易于1.2655，当日下跌0.1%。

UK Retail Sales Jump, British Pound Steady.The British pound has steadied on Friday against the US Dollar after climbing 0.6% a day earlier. GBP/USD is trading at 1.2655 in the European session, down 0.1% on the day.

标准普尔全球英国综合采购经理人指数在2025年2月为50.5，略低于上月的50.6，符合市场共识。经济增长完全由服务业推动（1月份为51.1比50.8），这抵消了制造业的大幅下滑（46.4比48.3），与其他主要欧洲经济体的类似趋势一致。最新调查显示，公司新业务出现了一年半以来最大的收缩，公司称客户预算削减，商业投资支出疲软。除疫情冲击外，产能需求下降促使企业以全球金融危机以来最快的速度裁员。在价格方面，投入成本以2023年5月以来的最快速度上涨，导致产出费用上涨，企业指出，根据最新预算的规定，需要提高价格以抵消即将到来的员工成本上涨。

The S&P Global UK Composite PMI was at 50.5 in February of 2025, inching lower from 50.6 in the previous month and in line with the market consensus. Economic growth was solely driven by the services sector (51.1 vs 50.8 in January), which offset a sharper decline in manufacturing (46.4 vs 48.3), in line with the similar trend in other major European economies. The latest survey indicated the sharpest contraction in new business received by firms in one-and-a-half years, with firms citing cuts to clients’ budgets and muted business investment spending. The lower demand for capacity drove companies to shed jobs at the sharpest pace since the global financial crisis when excluding the pandemic shock. On the price front, input costs rose at the sharpest rate since May 2023, translating to higher output charges, with firms noting that prices need to be lifted to offset the impending rise in staff costs according to rules from the latest Budget.