UK retail sales and ECB Minutes in focus today – Danske Bank

In the euro area, the ECB minutes from the July meeting are set to be released while UK retail sales figures for July are out as well which are going to be amongst the main market movers for today’s session.

Key Quotes

“Focus will remain on discussions related to extension of the QE programme. At the meeting, the Governing Council was unanimous in setting no precise date for when to discuss changes to the QE programme and additionally, Draghi said the ECB had not tasked its staff to look into QE options after December. In light of this, it will be interesting to see how the discussion within the Governing Council has evolved around extending QE.”

“The UK retail sales figures for July are out today, which markets tend to pay attention to, although they can be misleading with regard to the overall condition of private consumption. However, due to declining consumer confidence and negative real wage growth, we believe that the figures will reflect only modest growth in private consumption.”

“In the US, today s data releases include the initial jobless claimsand industrial production numbers for July as well as the Philly Fed business conditions index . Additionally, Dallas Fed President Kaplan (voter, dovish) speaks this evening.”