UK Retail Sales Disappoint | Inflation Remains Muted
Published November 14, 2019
Germany’s economy barely avoided a recession after Q3 growth came in at 0.1%, while the Eurozone total growth continues to be battered by its struggling manufacturing industry. Eurozone Q3 growth came in at just 0.2%, and there are few signs of things turning around in Q4.
Inflation continues to remain muted in the United States as the latest producer prices reading showed a 1.1% rise year over year which is the lowest reading since October 2016. The PPI rose 0.4% month over month in October, which beat market expectations and reversed the 0.3% decline in September.
UK retail sales came disappointing once again after posting a 0.1% decline in October, its second decline in 3 months. This is just the latest in a parade of troubling economic data coming out of the UK, and the pressure may start to mount on the Bank of England if the trend continues.
Price action on major currencies is relatively muted as we ring in the opening bell in New York. The major movers are the Australian Dollar and the New Zealand Dollar after weaker data out of China and Australia dragged both currencies deep into the red for the day.