DAILY MARKET REPORT – 17/04/18
Sterling has improved to its highest point since the outcome of Britain’s Brexit referendum against the Dollar, only the second time it has reached these levels since the vote. The Pound soared to a ten-week high last week due to expectations of an imminent interest rate rise from the Bank of England and has since reached its highest level in 2018 following the Dollar sell off.
Dollar struggled yesterday following military strikes on Syria despite official figures revealing U.S. retail sales rose by more than expected in March, suggesting consumer demand regained steam on the back of tax cuts and refunds. The Commerce Department figures showed the improvement in demand went beyond a bump in auto sales, as consumers went shopping at furniture and home stores along with electronics and appliance sellers.
09:30 – GBP – Average Earnings Index expected to increase to 3%
13:30 – USD – Building Permits forecast to be released at 1.33M