Two critical reports on the US consumer are coming up in US trading
It's a happy Friday to anyone who is long GBP. Much of the rest of the market is flat and waiting on the results of two of the final data points on the US economy ahead of the FOMC decision.
First, the August retail sales report is due at the bottom of the hour. The headline is forecast to rise 0.2% after a 0.7% rise in July. This will be a change to gauge how the consumer responded to news of elevated US tariffs at the start of August.
The key metric to watch is the 'control group' which is forecast up 0.3% after a sizzling +1.0% reading in July.
Equally important will be the forward-looking report on consumer sentiment from the University of Michigan. The current conditions metric slumped to the lowest since 2016 in August. A small rebound is expected when the report is released at 1400 GMT.
For more, check the economic calendar.