EU retail sales better than expected
8 January, 2020
With the UK set to leave on 31st of January Boris Johnsons Brexit plan has already passed through parliament due to Boris winning elections and having a majority. It now goes to further scrutiny which Boris hopes will be done by Thursday. Unless the EU put a stop to it, which is unlikely, we then leave end of the month with trade talks allowed to start within two weeks. If the deal is approved we will then enter a transitional period all the way up to the 31st of December. Mr Johnson has already ruled out the possibility of any extension after January so this month will be very crucial.
Yesterday saw EU retail sales which came out better than expected which saw the Euro become more expensive and weaken the pound. Other data such as US trade balance and manufacturing PMI which also beat expectations leading to a stronger dollar in the afternoon.
Today at 10:00 we will be seeing the release of some EU Business sentiment data followed by US employment data in the afternoon.
With rates still in a positive position but focus still on Brexit the pound is likely to remain under pressure going forward so do keep in touch with your currency consultant for any upcoming requirements.
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