UK Retail Sales are due out later this morning at 930am with strong figures expected. The expectation for year on year is 0.2% so much more of a difference could lead to Sterling volatility this morning. Later this afternoon European Consumer Confidence figures are released and my feeling is that the data will come out low as Europe has been struggling of late leading to a loss of confidence. We could see a weakening for the Euro shortly after this data set.
Last night Mervyn King made his last speech as Governor of the Bank of England and spoke about the UK potentially needing more stimulus as a recovery is still not fully assured. Sterling fell marginally against the Euro but as he is leaving shortly the markets didn’t over react too much to the news.
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