Spreadex Market Update
Pound rises are UK retail sales surge, with British tourism boosted by sterling slump
Thanks to the pound’s recent plunge British tourism has seen a boost, including from those Brits deciding to have a staycation instead of heading off abroad. Combine this with warmer weather sending people shopping for shorts and sandals and the UK was on the receiving of yet another decent figure, the expected post-referendum woe yet to fully materialise.
This was catnip for the pound, which has had to deal with the latest string of UK economic data far more than the FTSE, with sterling rising nearly 1% against the dollar and more than half a percent against the euro. Due to the pound’s push the FTSE found it more difficult to take any joy from the retail sales jump, the index only managing a mild 0.1% rise.
There is another flurry of data this afternoon, with the latest Philly Fed manufacturing index reading (forecast at 1.4 against -2.9 last month) joining the usual Thursday jobless claims. The Dow Jones doesn’t seem too enthused, however, the futures promising an effectively unchanged open after the bell.
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