AFTERNOON MARKET OVERVIEW
The Confederation of British Industry (CBI) Distributive Trades Survey (DTS) measures the health of the retail sector. The reading is compiled from a survey covering 20,000 firms responsible for 40% of employment in retailing.
GBPNZD 1.8061 +0.14% GBPJPY 151.87 -0.13% GBPCAD 1.5655 -0.11% GBPCHF 1.4437 +0.07% GBPUSD 1.5264 -0.03% EURGBP 0.8521 +0.02% GBPAUD 1.4856 +0.02%
In overnight markets, the release of its quarterly consumer price index (CPI) realized a lower-than-expected level of 0.4%, disappointing markets expectations of 0.7%.
However, as inflation slows, which was widely expected due to its largest trading partner, China who has also suffered similar economic disappointments, the Aussie dollar is however, still higher against the majority of its major counterparts. AUDJPY 102.20 -0.16%, AUDCAD 1.0537 -0.13%, AUDNZD 1.2155 +0.11%, AUDUSD 1.0273 -0.06%, EURAUD 1.2661 +0.05%, AUDCHF 0.9716 +0.04% and GBPAUD 1.4856 +0.02%.
In Europe, Wednesday’s release of Germany’s Ifo Business climate index has posted a lower-than-expected level of 104.4, down from its previous level of 106.7 and missing market expectations of 106.2.
Immediately following the release, euro pairs are lower across the board against the majority of its major counterparts.
The German Ifo Business Climate Index rates the current German business climate and measures expectations for the next six months. It is a composite index based on a survey of manufacturers, builders, wholesalers and retailers.
Italian retail sales data, released on Wednesday at the London open has realized a lower-than-expected level of -0.2%, disappointing market expectations of 0.4%.
The bearish data adds to existing sell-side pressure on the euro following earlier disappointing data from Germany. Italian Retail Sales measures the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
EURNZD 1.5393 +0.17%, EURCHF 1.2305 +0.11%, EURJPY 129.43 -0.10%, EURCAD 1.3342 -0.08%, EURAUD 1.2661 +0.05%, EURGBP 0.8521 +0.02% and EURUSD 1.3009 -0.01%.
Story provided by StockMarketWire.com