It's been a tough start to the day for the UK economy. The consumer confidence reading came in at negative -45 against an expected -40 and retail sales came in at month on month negative -1% against an expected growth of 0.5%. It looks like the cost of living is kicking in even further as consumers are cutting back.
There hasn't been a huge effect against the Euro and the Dollar where rates versus the Pound remain similar to yesterday.
GBP/EUR could be affected by a speech by ECB chief, Christine Lagarde, shortly. Other than that there's a further ECB member speech later, but nothing else on the horizon until next week.
There's also a couple of speeches from members of the FED which could affect GBP/USD rates later in the day.
Over the weekend the Bank of Japan releases it's monetary policy meeting minutes and it's Chinese New Year.
Business news is dominated by further UK gloom with references to energy prices and analysis of the retail sales date out at breakfast.
Today’s Economic Calendar
EUR: 10:00 ECB's Christine Lagarde Speech
US: 14:00 FED' Patrick Harker Speech
EUR: 15:30 ECB's Frank Elderson Speech
US: 18:00 FED's Christopher Waller Speech
JPN: Sunday 23:50 BoJ Monetary Policy Meeting Minutes
As ever we look forward to keeping you in the loop and look out for our next update.
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