Retail sales for September in the UK demonstrated the growth to 6 against expected 5 and in contrast to the reading of -3 in August, according to CBI.
Today, at 12:30 (GMT +3) investors are waiting for current account data for the second quarter. The indicator is expected to drop to -12.2 bn against -11.2 bn in the first quarter. At the same time, the UK GDP for the second quarter is published which should remain unchanged at the level of -0.5%. Pending home sales in the USA are forecasted to be at -0.7% in contrast to 2.4% in July.
The main breaking news is release of Spanish budget for 2013 from which investors will know if the country is ready to cut the budget and follow the EU reforms (which is a sign that Spain will ask for a bailout). The markets will react with a rally in this case.
The bullish targets are at 1.6215, 1.6245/50, and 1.6285. Targets for bears are placed at 1.6126, 1.6107.