The final UK Gross Domestic Product release this year, showed the total value of goods and services produced in the third quarter of 2023 decreased by 0.1 percent increasing the likelihood of a recession.
UK retail sales increased 1.3 percent in November, with Black Friday sales boosting this figure.
The total value of sales by retailers in the UK, excluding fuel released at 1.3 percent in December, jumping 0.7 percent from the forecasted 0.4 percent rise.
The Pound has been on a downward trend against the Euro, after UK inflation figures released lower than expected at 3.9 percent earlier this week – placing pressure on the Bank of England to cut interest rates promptly.
This afternoon, there is a mixture of US economic data that investors will keep a close eye on throughout the day.