UK Retail Sales Soar
The just out Britain’s retail sales report seems to have boosted Sterling investors, as the Pound has picked up pace and is currently trading on a firmer footing against the US Dollar. The gain in the retail sales numbers for September aided by real income growth and improved consumer confidence bodes well for the preliminary third quarter UK GDP report which is scheduled for next week.
Meanwhile, market focus would be on Europe today with the ECB monetary policy meeting due in a short while. Even though the ECB is anticipated to leave rates steady in today’s meeting, investor attention will be on any hints that could indicate a near term expansion in the bank’s stimulus programme. Across the Atlantic, a set of data releases in the form of jobless claims and housing data will be eyed for fresh cues about the health of the US economy.