(MENAFN– ecpulse) European market awaits April`s retail sales data from the United Kingdom with slightly high expectations after a reports released in the previous session showed inflation accelerated in April for the first time in 10 months.
- Retail Sales Ex. Auto likely rose 0.5% from 0.4% decline
- Annual Retail Sales Ex. Auto probably rose to 5.4% vs. 4.2%
- Retail Sales Incl. Auto expected to edge higher to 0.4% from 0.1%
- Annual Retail Sales Incl. Auto expected at 5.1% from 4.2%
Expectations, as we can see, are running high for the first quarter of 2014, as earnings growth strongly influences retail industry, we could actually see some improvement in the figures. Solid retail data would further add more steam to the UK recovery.
The Bank of England is due to publish the minutes of the Monetary Policy Committee`s meeting held on May, when policymakers voted to maintain record low interest rates and the size of asset purchases.
The BoE stood pat on its accommodative policy, holding rates at the historic low rate of 0.5% as far as inflation outlook remains in check. Market participants await further updates about the ongoing debate over monetary stimulus.
An unexpected rise in UK inflation last month could add pressure on policymakers to start withdrawing its stimulus measures. The Consumer Price Index (CPI), a gauge of inflation, rose an annual 1.8 percent in the year ended April, compared with 1.6 percent in March while exceeding 1.7 percent expected by analysts.
Sterling so far added 0.05 percent against the dollar, edging to $1.68464 compared with session opening at $1.68380. The GBPUSD pair so far recorded high at $1.68495 and low at $1.68312.
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