UK retail sales the highlight in European trading today | Forexlive

Major currencies are once again looking a bit more tentative after a mixed showing yesterday. The dollar was steadier initially before losing some ground amid a drop in Treasury yields although the antipodeans remained the laggards. The aussie and kiwi are still in a bit of a bind, with AUD/USD slipping back below 0.6500 and calling into question the supposed upside break this week.

USD/JPY dropped back below the 151.00 mark as well and is keeping around 150.60 currently, though the more bullish bias is still being retained as buyers hold above the pivotal 150.00 level. The bond market still holds all the cards in driving the dollar mood as we look towards the end of the week.

In the equities space, stocks are consolidating gains since the Tuesday surge higher. The more tentative follow through is not leaving much for currencies and risk trades to work with and we might see things continue at least in the session ahead.

Looking to European trading, UK retail sales will be the main highlight and it is expected that activity is to rebound by 0.3% on the month in October. But keep in mind that retail sales in the UK have a knack for disappointing estimates, as we can see that to be the case in the last two years: