In a start to a new week, the just released data showed that UK net consumer credit continued to grow and mortgage approvals for house purchases edged up though slightly below estimates for October. The strength of the UK economy could be in greater focus in the coming days, as investors brace themselves for a raft of data such as the UK manufacturing PMI survey, services PMI, construction data and house prices report for November.Across the Atlantic, Chicago PMI, manufacturing activity data in the Dallas region and pending home sales are due for release later today. Earlier today, German retailers were reported to have had a disappointing start to the important Christmas-shopping season. Investor focus is on the European Central Bank (ECB) rate decision this week.
Today is another light day for economic releases across the globe, though the second estimate of Britain’s third quarter GDP figure published just now is likely to have stirred some market interest. UK’s growth rate for the three months ended September was left unrevised suggesting a moderation in economic growth from the previous quarter. Today’s GDP update has come just two days after the UK Chancellor, in the Autumn Statement, had projected higher economic growth in 2016.Across the Atlantic, the economic calendar is once again empty as US currency traders are away on an extended break. In Europe, with only little in terms of second tier economic updates, market focus will shift towards next week’s main highlight – the European Central Bank (ECB) monetary policy meeting.
US markets are closed today for Thanksgiving holiday, but even then investors appear to be gearing up for next month’s crucial monetary policy meeting. But before that, US November jobs report which is scheduled in the coming week will grab the spotlight as it is the last major bit of information for the Fed to mull before its rate decision meeting. Also, there will be the European Central Bank’s (ECB) meeting next Thursday, where it is expected to introduce further stimulus measures and the diverging central bank policies should continue to play out in markets.Meanwhile, in a light session today, data in Europe showed that the Spanish economy grew moderately in the third quarter. Going forward, German consumer confidence as measured by the GfK is also on radar today.