Pound Drops On UK Retail Sales - MI171123

November 17, 2023
Pound Drops On UK Retail Sales - MI171123

Breakfast saw the UK retail sales numbers reported. Analysts had expected monthly growth of 0.3%, and instead there was a -0.3% contraction.

This initially hit the Pound quite hard.

Rates have appeared to stabilise for now.

GBP/EUR looks to have the most potential for volatility today with a speech from the ECB President, Christine Lagarde, and harmonised inflation data out from the Eurozone.

Other than that scheduled news is relatively light heading into the weekend.

Business news centres on the upcoming Autumn budget. Analysts believe the Chancellor has around £10 billion headroom to play with. This is a result of super high inflation that leads to bigger than normal VAT inflow.

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Economic calendar

EUR: 08:30 ECB's Christine Lagarde Speech

EUR: 10:00 Harmonised Inflation Numbers

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