Published: 27/06/2022 By ECAPLast week Sterling managed to hold its own against the Dollar despite several advances, as the pound was buoyed by a slightly better than expected retail sales figure. The market was expecting a -0.6% slowdown in sales, however the data posted to the upside with -0.5% still showing a slowdown but not to the extent of forecasts. As we near the end of the working month, eyes now focus back towards the central bank meetings and monetary policy decisions, with expectations of both a UK and US interest rate hike priced in.
This week looks to fairly sparse with economic data from the UK, the highlight of the week being Wednesday's "policy panel" being held in Portugal. Markets will be paying close attention to the rhetoric as we see the heads of the 3 main central banks take centre stage to participate in conversation regrind policy decisions moving forward.
A selection of medium tier data due for release this afternoon for the US in the form of durable goods order where the headline data is due to show a slowdown from 0.5% previous to a 0.1% forecast this month showing a decline in new purchase orders with manufacturers, showing a decline in activity. This could then echo through to the ISM manufacturing data due for release later this week.