What are the main events for today?

The only notable event for the European session was the UK GDP release. Looking ahead we just have some low tier data points until the start of the American session. That’s when we’ll get the US Retail Sales report which is going to be the main highlight of the day.

13:30 GMT/08:30 ET – US October Retail Sales

The US Retail
Sales M/M is expected at 0.3% vs. 0.4% prior, while the ex-Autos M/M measure is
seen at 0.3% vs. 0.5% prior. The focus will be on the Control Group figure
which is expected at 0.3% vs. 0.7% prior.

Consumer spending
has been stable which is something you would expect given the positive real
wage growth and resilient labour market. We’ve also been seeing a steady pickup
in the UMich Consumer
Sentiment which suggests
that consumers’ financial situation is stable/improving.

This article was written by Giuseppe Dellamotta at www.forexlive.com.