Retail sales came out this morning however the release did not lead to a major market movement in the right direction, somehow in these times of high unemployment and standing on the edge of another recession people are still spening plenty of money.
Many of my clients I speak to involved in manufacturing and retail are not exactly having a great time out there and I think (and so must investors hence the minimal strength today) that this is merely a minor jump in the right direction and 2012 will not start so well…. The Dollar had continued its run of form over this morning however the Pound has boxed its way back ever so slightly in early afternoon trading, consumer confidence figures for the U.K tonight are the next big focus point for the U.K and it would surprise me to see these to come out farily poor.
We appear to be range bound against the Euro this week (1.16s – 1.17s) as we awaiti the next big surprise to push the pairing one way or another, personally I think the European problems will come back to a head agian sooner than you can say “super mario” however another prolonged cover up could well take place in the lead up to Christmas too….
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