Summary:

  • UK retail sales to take the spotlight in the morning

  • CAD traders may want to watch out for manufacturing sales data

  • Preliminary Michigan Consumer Sentiment print scheduled for today

Looking at the Friday’s economic calendar we can spot some interesting readings. GBP has recouped more than a half of its post-Brexit vote losses so far and today’s retail sales data may help extend currency’s rally even further. In the afternoon a preliminary release of Michigan Consumer Sentiment index may allow USD to get a second breath. Apart from that, PPI data from Germany has already been released this morning and it came in line with expectations at 2.3% YoY.

9:30 am BST – UK, Retail Sales for December. An important piece of data from the UK economy. After Tuesday’s inflation figures showed a little slowdown today’s retails sales print may provide GBP with some support therefore allowing pound to continue its rally. Market consensus calls for decline of -1% MoM. That would be a significant decrease against 1.1% print we have seen last month.

1:30 pm BST – Canada, Manufacturing Sales for November. Report on the change of sales made by manufacturing sector. Last month’s print of -0.4% missed forecast of 0.8% heavily. Yet after BoC rate hike on Wednesday CAD remains relatively strong. Will November’s manufacturing sales data prove the good shape of Canada’s economy? Surveyed economists point out for an increase of 2% MoM.

3:00 pm BST – US, Michigan Consumer Sentiment for January. Consumer Sentiment Index from Michigan measures current and future economic conditions based on the survey of around 500 consumers. Market consensus calls for a reading of 97 pts and that would be a minor upside against 95.9 pts seen last time. However, latest prints showed a modest deterioration of the sentiment. One should keep in mind that this is just a preliminary release. Actual data will be released on the 2nd of February.

Central banks speakers scheduled for today:

1:45 pm BST – Fed’s Bostic

6:00 pm BST – Fed’s Quarles

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 GBPUSD has recouped more than a half of its post-Brexit vote losses. Will today’s retail sales data help it advance further? Source: xStation5