Britain’s Retail Sales Grow Last Month
Today’s data has shown an improvement in Britain’s retail sales for November. This has strengthened market speculation that domestic spending is improving, especially after yesterday’s labour market report showed that wage growth grew at a stronger than expected pace. Against this backdrop, traders will eye tomorrow’s GfK survey to better understand consumer morale in the UK for the fourth quarter.
Across the Atlantic, the US Dollar moved sharply higher yesterday after the Fed dropped the “considerable time” language from its policy statement and provided an encouraging assessment of the economy. Traders will now eye economic data in the US going forward to verify if the Fed remains on its path to raise the key interest rate next year.