Retail sales figures have been released this morning for the U.K and the figure came out a little worse than expectations which has led to Sterling weakness throughout the days trading.

Following a very solid run of U.K economic data this has given Sterling a minor setback and knocked it back from just over a two year high against the Euro and an almost 6 year high against the Dollar.

Tomorrow the main focus for the U.K will be GDP (Gross Domestic Product) data out at 09:30am which will show just how much the economy grew or shrank during a specific period of time.

A big market mover overnight was indeed the New Zealand Dollar which saw a three cent movement shortly after a small interest rate rise was announced. Usually an interest rate hike would lead to strength for the currency concerned but on this occasion it actually weakened considerably as comments by the RBNZ suggested that they would not be looking to raise again this year.