The British monthly GDP is announced on Friday at 09:00 MT time.
British retail sales surpass forecasts in August
In August, retail sales in Great Britain surpassed forecasts, driving optimism over the UK economy, as official data disclosed on Wednesday.
UK Office for National Statistics reported that in August retail sales went up by 1.0% from last month versus last 0.6% leap that was updated from an initial 0.3% jump.
Financial experts had expected August’s outcome to go up by nearly 0.2%.
Retail sales soared 2.4% the previous month year-on-year. It confounded forecasts for a 1.1% surge and it turned to be stronger than July’s 1.4% jump.
Additionally, core retail sales, excluding car sales and fuel, jumped by 1.0% in August versus the previous 0.7% ascend that was updated up from an initial soar of 0.5%.
Experts had hoped core retail sales would inch up by 0.2% the previous month.
In August, core retail sales managed to grow 2.8% year-on-year versus the previous month’s 1.7% ascend (updated up from 1.5%).
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.