The market sentiment is mixed, but there are still interesting movements on the market.
British consumer spending faces the longest dip since 2013
In July, British consumer spending went down for the third month in a row, proceeding with its longest losing streak in more than four years, as Monday’s data states. That’s another sign that the impact of the previous year's Brexit vote is starting to affect households.
The engine of the British economy, consumer spending sank by 0.8% in real terms the previous month compared with July last year, as payments company Visa states.
It was quicker than June's 0.2% sag, and following May’s further sink, it marks the longest consecutive tumble since February 2013, when the British economy was trying to revive from the financial meltdown.
The previous week the Bank of England dared to downgrade its prediction for economic surge this year and 2018, because of slower-than-expected wage leaps. The key bank sees a weaker outlook for household spending compared to other sectors of the British economy.
US Core monthly retails sales will be announced on Friday at 15:30 MT time.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.