Slow Day for Global Economic News
Amid a slow start to the holiday shortened week, the Pound – US Dollar currency pair will likely trade within a narrow range as the key event related to the US interest rate rise has been pushed out of the picture. The economic calendar is quiet, with only UK’s CBI distributive sales survey of note for day, which is expected to show a strong rebound in its headline reading for December. Across the Atlantic, amongst several economic data publications scheduled this week, the Chicago Fed national activity index will be the first to release today.
In Europe, data released earlier in the day showed that German producer prices had the sharpest annual fall in almost six years for November, dragged lower by energy prices.