| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | Gfk Consumer Confidence Survey | January | -1.8 | -2.7 | -6.8 |
| 07:00 | Switzerland | Trade Balance | November | 4.3 | | 4.2 |
| 07:00 | United Kingdom | PSNB, bln | November | -12.4 | -16 | -17.4 |
| 11:00 | United Kingdom | CBI retail sales volume balance | December | 39 | 13 | 8 |
GBP appreciated against other major currencies in the European session on Tuesday as appetite for riskier assets renewed as investors reassessed their fears over the potential impacts of the Omicron coronavirus variant.
The early data showed the fast rise of Omicron infections is paired with relatively mild symptoms and hospitalization rates, suggesting that it is likely to have a limited impact on global economic growth. In addition, markets recalled yesterday's announcement of Moderna’s (MRNA) encouraging preliminary data for its coronavirus booster shots.
However, the further pound’s gains were capped by reports that the UK’s government might introduce stricter restrictions after Christmas.
Meanwhile, the latest Confederation of British Industry’s (CBI) survey revealed a “chilling impact” of Omicron on the UK retailers' activity in early December. According to the survey, retail sales volume balance plunged to +8 in the year this month from +39 in November. This was the lowest reading since March. Economists had expected the reading to decrease to +13.