21 Apr

GBP struggling on defend: UK retail sales

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GBP - Retail Sales m/m @ 02:00 pm

CAD - CPI m/m @ 06:00 pm
 
The mark remains on the offers among broad based US dollar consolidation closely 3-day tops, following last day’s US treasury secretary Mnuchin’s remarks inspired rally. Furthermore, looming indecision over snap general elections announced by the UK PM May previous this week also persists to undermine the sentiment around the GBP.
 
Moreover, the GBP markets remain dissatisfied as the BOE Governor Carney unsuccessful to offer any insights on central bank’s monetary policy lane going ahead. In the meantime, losses seen in GBPJPY pair cross among converted JPY demand, also collaborates to the weak spot in cable.
 
On the last trading day of the week, some long-unwinding trade seems to be only factor weighing on the major. The downslide, however, has been limited as investors now look forward to the release of monthly retail sales data from the UK, due later during European session. 
 
Meanwhile, with sentiment around the British Pound turning positive, any near-term corrective slide would now be looked upon as fresh buying opportunity on possibilities of a 'soft Brexit'. 
 
In the day ahead, the main risk event for the major remains the UK retail sales data, which is expected to come in at -0.2% in March versus +1.4% seen last. A negative UK retail trade report is expected to accelerate the losses, knocking-off the rate below 5-DMA located at 1.2758.
 
Apart from the UK macro data, investors will also scrutinize external BOE MPC Member Michael Saunders' speech for some remarks on monetary policy. Later during the day, the release of existing home sales data from the US alongside speech by Minneapolis Fed President Neel Kashkari might provide some fresh impetus during early NA session.
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