26/07/2018 – CBI Figures Show Increased Spending 


According to industry data released on Wednesday British shoppers are spending strongly and more people are trying to buy homes. While most economists cautioned that the latest figures did not necessarily point to robust growth later in 2018, most still expect the BoE to raise interest rates next week for only the second time since the 2008 financial crisis. The Confederation of British Industry’s retail sales gauge showed stores enjoyed robust sales growth in July, slowing less than expected as the heatwave boosted sales growth to a nine-month high in June. Banks’ mortgage approvals for house purchase also hit a nine-month high in June, according to seasonally adjusted figures from industry body UK Finance, after a period of sluggish demand.


Yesterday the European Commission began drawing up a list of $20 billion of U.S. goods to hit with duties if Washington imposes tariffs on imported cars, on the eve of European Commission Presidents meeting with U.S. President Donald Trump.

However EU commissioner Guenther Oettinger has said it is prepared to discuss lowering tariffs “in all sectors” if the US drops its punitive levies on aluminum and steel.

In response to the U.S. metals tariffs, the EU has already imposed its own import duties on 2.8 billion euros ($3.3 billion) worth of U.S. goods, including products like bourbon and motorcycles that are made in some of the electoral districts that supported Trump. The European Commissions insisted that Juncker is seeking to open a dialogue with Trump, rather than to attempt to negotiate.

Key Announcements

12:45 – EUR: ECB interest rate decision expected to be unchanged at 0%
13:30 – EUR: ECB monetary Policy Statement and Press Conference
13:30 – USD: US Durable Goods Orders (June) expected to rise to 3.0% from -0.6%