UK consumer confidence bounced back to post at 18 month higher earlier this morning, but before getting too excited another way to describe the move would be consumer confidence moving from awful to less awful, and so the Pound is unsurprisingly unchanged in trading this morning.The move higher in measured consumer confidence is a welcome one, but is probably still the afterglow of the summer Olympics.
It is likely the boost is temporary and will start to wear off over the next few months.
With that in mind the Bank of England will be waiting in the wings with one hand on the printing presses- however the money markets realise this and are refusing to get very excited about positive data releases.
We seem to be trapped by our expectations of doom. Very British indeed.
The euro continues to yo yo around as the pendulum of sentiment for the single currency pushed from one side by the on off Greek deal, and from the other by positive economic data this week.
Euro zone industrial production posted above estimate as did business climate data and we await euro zone unemployment data this morning.
Also speaking today are IMF chief Christine Lagarde and ECB head Mario Draghi, with both likely to paint a challenging but stable outlook for the euro area.
Expect them also to touch on ongoing correction of imbalances and how it is progressing.
Next week is the triple header of BoE, ECB and RBA central bank meetings.
Only the RBA are expected to act, with a quarter point cut to rates on the cards.
Friday is US non-farm payrolls and with Fed policy now tied to the unemployment rate it remains the key number throughout the financial markets.