UK retail sales data up on the agenda today
Good day, everyone! Hope you're all doing well as we look to get things going in the European morning session ahead. The aussie may be the main talking point today but there were plenty of good moves in overnight trading for traders to chew at.
Notably, USD/JPY has filled its May 2019 gap upon a break to fresh nine-month highs above 111.00 while cable slipped rather heavily after the UK inflation data beat in a drop towards 1.2900 and below its 100-day moving average.
But for today, the aussie is turning out more like the euro now as we see AUD/USD hit fresh decade-lows and the case of "don't catch the falling knife" resumes - following a mixed labour market report, in which the unemployment rate ticked slightly higher.
0700 GMT - Switzerland January trade balance data
Prior release can be found here. General indication of trade conditions in the Swiss economy to start the new year, a minor data point.
0700 GMT - Germany January PPI figures
Prior release can be found here. A proxy indicator for inflation pressures and a lagging one, as such it isn't really a major release by any means.
0700 GMT - Germany March GfK consumer confidence
Prior release can be found here. A gauge of consumer morale within the German economy, which has been improving a little to start the year. But the overall outlook remains a little benign in light of the coronavirus outbreak impact.
0745 GMT - France January final CPI figures
The preliminary report can be found here. As these are final figures, they aren't expected to have any impact whatsoever.
0930 GMT - UK January retail sales data
Prior release can be found here. The key release on the day, as retail sales activity is expected to bounce solidly after the poor December month. That may well give the pound a minor lift on a beat of expectations, but I would expect such a move to be short-lived. Meanwhile, any major hiccup will just exacerbate concerns that the post-election euphoria is all but temporary and more troubling times lie ahead for the UK economy and the quid.
1100 GMT - UK February CBI trends total orders, selling prices
Prior release can be found here. The CBI readings are a survey on manufacturers to rate the level of volume for orders expected during the next 3 months. A minor data point.
1230 GMT - ECB releases account of its January monetary policy meeting
This is often seen as the minutes to the ECB meeting but I wouldn't expect any major fireworks here. The details should reaffirm what we already know about the views on the governing council and provide little with regards to the ongoing strategy review.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
