Contraction in disappointing UK Retail Sales

Both, month on month and year on year UK retail sales figures were released yesterday morning, posting results under expectations. The (MoM) figure being forecasted a contraction of -0.5% showed actual figures to be -0.9%. Although these results weakened the pound further, this still had shown no major cause for concern and the rates have stayed fairly stable.

At lunch time yesterday, the ECB monetary policy meeting for accounts took place. The consensus has remained the same with no new information to change expectations on the possibility of further monetary easing in December.

No major data releases for the day ahead:

At 8am this morning the European Central Bank’s President Mario Draghi kicked today’s trading day off with a speech following yesterday’s monetary policy meeting, as always we may see some volatility in the rates following the speech. 9:30am brings the UK release of Public Sector Net Borrowing figure, followed by the release of Canada’s Consumer Price Index data at lunch time which is expected to show no change and remain at 1%.

With the rates against the euro still giving us some of the best levels in 7 years. For those looking to trade, do take full advantage and get in touch with your account manager here at Currency Index to discuss our forward contracts to secure your euro’s for the months ahead. For those looking to achieve a particular rate it may be worth considering booking in a Limit order with us by speaking to one of the Currency Index team today to see if this could be the best option for your upcoming need.