Look ahead: Gfk consumer confidence; UK retail sales; Japan inflation; US durable goods orders
Sterling could move on the latest Gfk consumer confidence and retail sales data after a warmer than expected inflation reading. British Prime Minister, Rishi Sunak, has called for a national election in July.
Watch Japanese inflation figures, US durable goods orders, and the latest Baker Hughes oil rig count.
(AI Video Summary)
British pound updates
Angeline Ong's "Look ahead" financial update for 24 May emphasises significant market events, particularly around the British pound reacting to political developments including an unexpected July election (the first since 1945) and inflation rates not slowing as anticipated. This information has led to a reassessment of Bank of England's potential rate cuts. The pound hit a two-month high against the US dollar, influenced by domestic inflation data, and reached a three-month peak against the euro before correcting slightly.
Japanese trading news
In other market news, Japanese core CPI expectations are set at 2.2% year-on-year, with a significant options expiry potentially influencing USD/JPY. US durable goods orders and oil data from the Baker Hughes recount are also in focus, informing Federal Reserve's potential rate decisions against ongoing inflation challenges.
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