The pound euro (GBP/EUR) exchange rate is edging lower after strong gains yesterday.
Italian retail sales beat forecasts, rising 0.5% MoM, up from -0.3% decline in August. Eurozone retail sales are also expected to rise 0.3% MoM up. Sales are set to rise despite challenging conditions for the consumer.
ECB speakers will be in focus later.
The pound is edging lower as more data points to a gloomy outlook. Kantar’s noted that grocery inflation rose to 14.7% YoY in October.
Meanwhile, businesses are growing nervous as more consumers are saying that they will rein in spending this festive period as the cost-of-living crisis bites.