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May 2016

Strong rise in UK retail sales

Published: Thursday 19 May 2016

Sterling continue to strengthen as UK retail sales came in much better than expected at 1.3% compared to 0.6% expected. Sterling rose against the Euro by 3% and climbed 0.2% against the Dollar to $1.4625 on the back of this. Despite the UK inflation remaining significantly subdued, consumers continue to be very cautious about spending.

The ECB meeting was a bit of a damp squib and didn’t really move the markets. Minutes of the central bank’s meeting revealed that policymakers had “strongly reiterated the need for other policy areas to contribute much more decisively” in assisting economic reform.

Main data releases of note tomorrow will be German producer price data and Canadian inflation numbers. 

Latest FX news by Michael Hart