This mornings employment data for the UK was in line with expectations. However average earnings came in slightly ahead of consensus. The market was expecting 4% growth. However the number came in at 4.3% growth. The extra growth wasn't enough to move the GBP rate however which remains quiet ahead of the data that starts in earnest tomorrow.
Whilst scheduled news stories are thin on the ground for the rest of the day we could see some global market movement early tomorrow. First out of the traps is the Chinese Retail Sales numbers followed by the much anticipated UK inflation data. Analysts are predicting year on year growth of 4.7%. Now that's a big number. There are mitigating circumstances when comparing last year to this year due to lockdowns etc. However it's the potential knock on to the interest rate decision on Thursday that's important.
Tomorrow is also a massive day for US led data with their Retail Sales numbers out first followed by the FED's interest rate decision. We'll cover this in more detail in the morning.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
CHN: Wednesday 03:00 Retail Sales
UK: Wednesday 08:00 Inflation Data