Last week saw the pound move from strength to strength, with sterling ending the week up by more than 2% against the US dollar and close to 2% against the euro. Today sterling sits tight, ready to navigate a moderately quiet week of key data releases from the UK.
With Britain enduring one of the worst cost-of-living crises in several years, and inflation at a 41-year high this year’s Black Friday pointed to a silver lining for UK retailers who hoped Black Friday shopping would boost consumer spending ahead of the festive season.
Researchers predicted that £8.7bn would be spent between the 25th and 28th November, indicating a rise of 0.8% year on year. Though, when adjusted for inflation which is currently at 11.1%, this represents an uninspiring figure.
Today is a quiet day for key data releases across the board, however over the course of the coming days, markets will see Germany’s latest inflation rate, GDP data from Canada, eurozone inflation and America’s GDP for this quarter.
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