UK data out this morning was way off expectations.
First there was the Gfk consumer confidence reading at negative -30. The expectation was for -20. This indicates consumers are getting nervous about spending.
Next up were retail sales numbers. Month on month showed negative -0.9% contraction and annualised -1% contraction. The weather has been cited yet again. In the Summer it was poor weather that stopped people buying, and the much warmer September stopped people buying their usual Autumn clothing.
All of the above has pushed the Pound lower against almost every currency.
Looking to today it looks like Canadian retail sales out later is the highlight as we head into a quiet weekend for scheduled news. However global news stories are very likely to feature in the market insight on Monday.
Business news centres on a bit of positivity from the UK. The Government borrowed less than expected in September. £14.3 billion was borrowed versus and expected £18.3 billion.
CAN: 13:30 Retail Sales
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