Weekly Fundamental Bulletin: ECB Minutes & US Retail Sales

It is already well known that the ECB included a caveat that not all of its targeted 500 billion euros would be used for purchasing bonds.

Instead, the ECB was forced to note that it may not use the entire amount in a bid to secure the backing of the hawks in the ECB governing council.

The December meeting already showed ample disagreements among members, which could be highlighted in the meeting minutes.

US retail sales likely fell in December 2020

The monthly retail sales report is due out this week on Friday.

According to the median estimates, it is quite likely that retail sales fell during the month. This marks a 3rd consecutive decline in retail sales.

The declines are attributed to the surge in the Covid-19 cases amid renewed restrictions. Headline retail sales are forecast to fall by 0.1% following a 1.1% decline previously.

Economists expect the retail sales excluding auto and gas to fall by 0.4% after a 0.8% decline in the previous month.

Consumer prices in the US set to rise in December 2020

Consumer price index data from the United States is due out this week.

Forecasts show that headline inflation rose by 1.3% on the year in December. This marks a slight increase from 1.2% previously.

On the other hand, economists forecast that core CPI prices, which exclude food and energy, will remain steady at 1.6%. This will see the same pace of increase in core CPI as in November on an annual basis.

UK monthly GDP to contract in November

Economic activity in the UK is heading for another contraction in November.

The declines come after a fragile recovery in the previous month. The median estimates point to a 4.6% decline on a monthly basis for November.

The drop comes after a 0.4% increase in the previous month. It also coincides with the UK entering into a partial lockdown.

Looking ahead, the nation entered into a stricter lockdown since January. This is will result in a deeper impact on the economy in the coming months.

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