Economic data on Thursday was relatively quiet. The U.S. dollar attempted to maintain some gains but was flat on the day. Gold prices advanced strongly on Thursday recovering the losses from the day before.
The UK’s retail sales report showed a larger than expected declines. Retail spending fell 0.8% on the month which was more than the forecasts of a 0.4% decline. However, data for the previous month was revised higher to show a 0.4% increase.
China released its quarterly GDP report earlier in the day. Data showed that GDP advanced 6.5% in the third quarter of the year. This was slightly below the forecasts of a 6.6% increase and slower than the 6.7% increase seen in the second quarter.
The economic calendar is somewhat light during the European trading session. However, the NY trading session will see the release of Canada’s inflation data and retail sales.
Headline CPI is forecast to remain flat. Retail sales are expected to rise 0.3% on the month while core retail sales are expected to rise just 0.1% after rising 0.9% in the month before.
Data from the U.S. will see the release of the existing home sales report. The BoE Governor Carney is scheduled to speak later during the evening.
