Events that marked the week:
Focus of the Tuesday's session was on UK CPI figures. UK consumer prices rose 0.7% in February compared with expectations of a 0.5% increase and the year-on-year rate increased to 2.3% from 1.8%. This was above consensus forecasts of an increase to 2.1% and was also the highest reading since September 2013. The annual rate was also above the Bank of England’s 2% target for the first time since late 2013. Core inflation rose to 2.0% from 1.6% previously while the RPI inflation rate increased to 3.2% from 2.6%.
Thursday was marked by Retail Sales figures. In January 2017, the quantity bought in the retail industry is estimated to have increased by 1.5% compared with January 2016, the lowest growth since November 2013. Month-on-month the quantity bought is estimated to have fallen by 0.3%. The underlying pattern as suggested by the 3 month on 3 month movement decreased by 0.4%; the first fall since December 2013.
This week markets will be looking at:
Current Account (Friday 10:30)
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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