Sterling has managed to get through the sniper’s alley of high-level data releases unscathed and, indeed, close to its highest level for the past year. It is currently just 0.8% down on its best rate of the past year and a good 5% up on its weakest point.
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Returning to the markets, last week’s data showed that earnings were down but employment was up, the small rise in inflation appears to be being viewed as a blip, and while retail sales dropped like a stone in December, maybe people just got their Christmas shopping earlier.
So, no clear clues as to the direction of the British economy from the last official data before the Bank of England’s next interest rate decision on 1st February.
The data could still go either way, and show that the UK is in recession, like Germany. We’ll get a better idea on Wednesday with the Purchasing Managers’ Index (PMI). This certainly has the power to move the markets, as it is a reading on business leaders’ optimism – or lack thereof.
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