In the European session, the main highlight was the UK Retail Sales report. The data missed expectations across the board by a big margin but it shouldn’t change much for the market at this point. Also, retail sales data is notoriously volatile.
In the American session, we have the Canadian Retail Sales and the US Philly Fed index coming up. Neither is going to change the market’s pricing and we might very well not see much reaction in the market.
We might just keep on ranging today as we head into the weekend risk. There’s some optimism in the air at the moment given many de-escalation signals. Traders are now just monitoring the situation for potential direct US involvement or problems in the Strait of Hormuz. If these two factors remain unchanged, even if Israel and Iran continue to bomb each other the markets will just ignore that.
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