UK Retail Sales and Norges Bank meeting amongst market movers today – Danske Bank

According to analysts at Danske Bank, the key event on the calendar today will be the Norges Bank meeting.

Key Quotes

“We think Norges Bank is unlikely to react to distorted summer data and global risks. Hence, we do not expect any new signals today and still pencil in a September rate hike.”

“Brexit negotiations between the UK and EU resume in Brussels. Brexit day draws closer, but while the EU is signalling that it wants September to be a decisive month in the divorce negotiations, the UK's Theresa May prefers a late-autumn deadline.”

“We will also get UK retail sales for July, which markets tend to keep an eye on, despite it being quite volatile and a poor predictor of private consumption as measured in GDP.”

“US housing starts and building permits for June are due out and we will look out for a rebound in July from the drop in June, given the volatile nature of the numbers and elevated business sentiment.”