httpvh://www.youtube.com/watch?v=H1El5B6tMaU

·         FX crosses remain range-bound

·         Fears over UK debt levels and the election keep sterling low

·         US retail sales and Canadian unemployment rate due today

All this and more is available on our blog. Click here  http://www.worldfirst.com/blog

It was yet again a quiet day on the markets yesterday. The data calendar is unusually quiet this week and has left traders lost without data to influence their decisions.

The dearth of noise we have seen currencies trade within their most recent ranges (GBPEUR – 1.0950 to 1.11, GBPUSD – 1.4870 to 1.5030 and EURUSD – 1.3630 to 1.3750). Hopefully the data set due today can influence trade positively and allow equity markets and other risky assets, GBP included, to extend higher.

With the lack of data and the subsequent lack of a spotlight on the pound we did see some progress as it pushed up above the 1.50 against the dollar and over 1.10 against the euro. Sterling will likely not push too much higher than here in the near term as fears over the election and the UK’s level of debt will continue to weigh.

 The data today comes in two batches; the first from Canada, the second from the US. Canadian unemployment is due at 12.00 GMT with a consensus view of 8.3% should we see this fall we could expect risky assets to pick up the pace and aim to finish the week in a bullish mood. The second piece is US retail sales at 13.30. This is a bigger piece of news and will definitely move things around. Given the strong Non-Farm figure we saw last week we could expect the retail sales figure to be good as well. This will likely strengthen the dollar however as good US data (non-farms apart) being supporting the greenback recently.

Have a great weekend.