The market sentiment is mixed. Let’s look at most interesting movements on the market today.
In August British consumers spend more
In August, UK shoppers stepped up their spending at the fastest tempo this year, excluding a soar in April generated by the Easter holiday. However, there’s little indication yet that the squeeze on spending is going down, as retailers told on Tuesday.
Evidently, retail sales leapt by an annual 1.3% on alike-for-like basis, as the British Retail Consortium informed.
Surge in total sales in August turned to be the highest non-Easter outcome of 2017, ascending by 2.4%, speeding up from a leap of 1.4% in July.
Non-food sales are still at levels observed two years ago. Obviously, firm food sales mostly reflect ascending prices, with surge in volume terms weaker compared to the previous year, as the BRC told.
A steep drop in the value of the British pound since the Brexit vote in June last year, combined with poor hikes in pay, has drastically affected the spending power of households in United Kingdom who are the number one drivers of the UK economy.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.