The U.S. Dollar was trading mixed on Thursday. The UK and the Brexit news dominated most of the headlines. A day after the EU and the UK announced a draft deal, key members of the cabinet from British PM Theresa May resigned.
The sterling plunged over 1.8% on the news amid a new bout of uncertainty. The resignations included some high profile names such as Dominic Raab, the UK’s Brexit secretary. Retail sales were also weaker, plunging 0.5% on the month and was worse than forecast.
Elsewhere, on the economic front, data showed that U.S. retail sales posted a strong rebound in October. Headline retail sales rose 0.8% on the month beating estimates of a 0.5% increase. However, most of the gains came due to increased sales at gasoline stores. Core retail sales jumped 0.7% on the month, but excluding automobile and gasoline sales, retail sales edged just 0.3% higher.
Oil prices were seen rebounding for a second day following the past five consecutive weekly declines.
The economic calendar today will kick off with the ECB President Mario Draghi’s speech. The ECB president is expected to speak at the European Banking conference in Frankfurt.
On the economic front, the Eurozone’s final inflation data for October will be coming out. Headline inflation is expected to rise 2.2% while core CPI is expected to increase 1.1% on the year ending October 2018.
Data from Canada will see the monthly manufacturing sales report. Manufacturing sales are forecast to rise 0.1% after falling 0.4% previously. The U.S. industrial production figures will be coming out later and expected to show a 0.2% increase.
