Spanish authorities have begun a sweeping anti-terrorism operation after a suspected Islamist militant drove a van into the popular La Ramblas avenue in Barcelona, killing 13 people and injuring 100 more. The perpetrator of the La Ramblas attack is still at-large. Police have killed five attackers in Cambrils, a town south of Barcelona, to thwart a separate attack using explosive belts. However, according to reports, the explosive belts worn by attackers in the Catalan resort town of Cambrils were fake.
Despite UK retail sales posting better than expected yesterday, sterling was unable to gain any momentum. The figure which posted 0.3% was helped by strong food sales which compensated for the decline in the other sectors. The impact of the rising inflation and lower wages has begun to filter through. Retail sales, a key indicator of this, has depreciated to 1.8 % the weakest in almost four years.
A relatively quiet end to the week with only a couple of pieces of medium impact data to sink our teeth into. The University of Michigan Consumer Sentiment is expected to tick higher at 94.1, whilst FOMC member Robert Kaplan is due to speak at the Dallas County Community College late afternoon.