* We expect modest UK retail sales growth
* Turkey likely to narrow its interest rate bands
* Consensus expectation is for a rebound in the Philly Fed
* We recommend short EURMXN and long EURTRY positions
What to watch for today
GBP: Retail report. We expect UK retail sales to post another month of modest expansion, with our +0.2%mom forecast better than the -0.2% consensus. Coming on the heels of the better-than-expected jobs report yesterday, the data may help the GBP extend its gains versus the EUR. We remain bearish on EURGBP, though our 0.77 target relies on continued asset allocation away from the EUR rather than a bullish view on the UK economy.
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