Daily Market Report 28/04/14

GBP

UK retail sales beat expectations on Friday showing growth of 0.1% instead of a fall of 1.4%, underscoring the fact that the UK consumers is still spending.

The news continued to support the pound ahead of key 1st quarter economic growth data due for release later this week, with growth expected to increase to 0.9%.

USD

Data from the US was mixed with growth in their service sector slowing marginally to 54.2 when analysts were expecting further expansion to 56.2.

Consumer sentiment was on rise however jumping to 84.1 for the month of April. The data did little to support the US dollar though, with the currency weakening to a fresh 5 ½ year low against the pound.

Today

Little data out today unfortunately with only pending home sales and manufacturing data from Dallas due out from the US.

Key Announcements:

15.00pm – USD – Pending Home Sales (Mar): Expected to increase to 1%.

15.30pm – USD – Dallas Fed Manufacturing Business Index (Apr): Expected to increase to 6.0.