UK Q2 GDP came in marginally lower than forecasted this morning, growing 0.6% versus the 0.7% predicted, although growth flatlined in June.
Yesterday’s UK inflation data came in slightly weaker than forecasted, but even then the Headline inflation rate rose for the first time this year to 2.2%.
Over in the US, the Headline inflation rate came in 0.1% lower than the previous reading. Traders are now keenly awaiting the Retail Sales data due out later today, which will give us a look at the current state of US consumer confidence.
*Daily move - against G10 rates at 7:30am, 15.08.24
** Indicative rates - interbank rates at 7:30am, 15.08.24
Today’s market focus will likely shift from inflation to the health of US consumer sentiment, as US Retail Sales for July are slated for release at 1:30pm today where market exceptions are for the headline number to have increased by 0.3%.
Ahead of the Retail Sales data, the world’s largest retailer Wal-Mart will report its quarterly results and commentary. Higher interest rates are taking their toll, evidenced by companies including McDonald's and Home Depot reporting softening consumer spending.
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