UK Retail Sales Climb on Black Friday Offers
A day has passed since the FOMC made a symbolic decision to raise the US Fed funds rate for the first time in nearly a decade by a quarter percentage point, as had been widely anticipated. Also, the Fed Chairwoman offered a positive signal about the growth prospects of the US economy and confirmed that the central bank’s future policy moves will happen in a gradual pace. Though initially gains in the US Dollar on the back of the rate rise news were limited, it later rallied against its major currency counterparts and has resumed its upside momentum even this morning.
Moving ahead, the just out UK retail sales surged above estimates in November, primarily boosted by Black Friday discounts and Cyber Monday sales. Earlier today, data showed that German business sentiment had an unexpected fall in December.