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How much will British retail sales drop?
The British retail sales will be announced on Friday at 9:00 MT time.
Instruments to trade: GBP/USD, GBP/CAD, GBP/AUD, GBP/CHF, GBP/JPY, GBP/NZD
Let us remind you that the British lockdown started on March 24. For two weeks from that day sales dropped by 27%! It happened as all the stores except supermarkets were closed. According to the British retail consortium, in comparison with 2019, this years’ March sales fell by 4.3%. That was the largest sales fall in the history of the UK. Even the panic-buying ahead of the quarantine didn’t help to increase the spending rate. As a result, the British pound plummeted. Now we are waiting for the retail sales data from the government. As the country extends the lockdown, the numbers will probably be disappointing.
If the retail sales’ indicator is greater than the forecast, the British pound will rise, otherwise – fall.
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).