Spreadex Market Update
FTSE and pound await July’s retail sales reading
Analysts are expecting the figure to have bounced back to 0.1% in July from the -0.9% slump it saw in June. It must be said, however, that retail sales forecasts have been woefully wide of the mark in 2016, meaning something very different could turn up at 9.30am. The FTSE, at least, seems content with what is expected, the index rising 16 points have dropped back below 6900 during yesterday’s trading. The pound is continuing its resilience against the dollar by keeping its head above 1.30 (in part helped by a fairly hawkish, if not quite as hawkish as expected, set of Fed meeting minutes last night), but is once again struggling against the euro, falling 0.1% to dip under 1.155.
The UK doesn’t hog all of the data-limelight this Thursday. The Eurozone sees its region-wide inflation figure for July later in the morning, with the reading expected to be unchanged at 0.2%. Midday then sees the latest EBC meeting minutes, giving investors a chance to try and ascertain the likelihood of any more action from Draghi and co. in 2016.
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