23 Feb 2015

Sterling Looks for Direction

The CBI distributive trades survey is the only notable macro update in the UK today. This survey will be eyed to gauge the health of domestic spending, particularly after retail sales dropped more than expected last month. Going forward, tomorrow’s BBA print will be eyed in the UK to gain an insight into the health of the real estate segment, especially considering that various housing market surveys have been mixed of late. In the Euro zone, Germany’s Ifo survey released earlier today indicated that morale among firms improved less than expected for February. Across the Atlantic, after Friday’s preliminary Markit manufacturing PMI reading showed an unexpected improvement for February, tomorrow’s flash services PMI data in the US will attract some attention among traders.