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FOREX: Sterling edges higher as retail sales support
-Heavy discounting, particularly in the clothing and footwear sector, helped
prop up January UK retail sales, which rose 1.2% against expectations of a mere
0.2% rise, with consumer spending bouncing back after a dip in December. GBP/USD
crept back above the $1.28 mark on the release, with bulls now targeting the
overnight highs and yesterday's highs at $1.2878, with the 100-dma also sitting
-Markets appear wary to sell the USD, however, with today marking a Fed SOMA
day, with USD liquidity expected to decline by $23.3bln, the fourth largest
drain in 2019.
-JPY recovers some of the weeks losses following a pull lower in USD/JPY
Thursday, with USD/JPY trading just below the Y110.50 level, which may take
focus heading into the NY crossover with US equity futures indicating a lower
-US Empire Manufacturing, mortgage delinquencies and Uni of Michigan sentiment
data are the calendar highlights. Fed's Bostic is due to speak.