There are only 3 main items of fundamental news on the economic calendar today: the first of which is released at 10.00 am GMT with the retail sales for Eurostat.  This is a measure of the change in the total value of inflation adjusted sales at the retail level.  Forecast to come in at 0.2% against a previous of 0%.  The figures do tend to have relatively low impact as France and Germany release their own versions and with these 2 countries making up more than 50% of the economy of Europe any other other data will be of less importance.

The second set of numbers will be the US trade balance which are released by the Bureau of Economic Analysis and these will be presented to the market at 12.30 GMT.  This data represents the difference between imports and exports in both goods and services during the last month and if the actual is better than forecast then this is seen as dollar positive.  Forecast is -38.3 billion dollars against a previous -39.9 billion dollars.  A positive number confirms that more goods and services were exported than imported.

We round off the week with data from the University of Michigan (UOM) which is an index of consumer sentiment.  The data this afternoon is based on a survey of around 500 consumers who are asked to rate their personal confidence in the economic climate.  A small survey which carries some importance in the market.  Forecast is 55 against a previous of 56.3

Finally this weekend sees the G20 meeting of finance ministers in the UK and of more importance is the OPEC meeting in Vienna on Sunday where production cuts are on the agenda.