Retail sales for the year decreased lower than expected in February, at 1.0% compared to the forecasted 1.6%, indicating reduced household spending. Additionally, there will be announcements regarding the Construction PMI, which could provide further insights into the UK economy.

Investors are closely watching Federal Reserve Chairman Jerome Powell's testimony before the US Congressional Financial Services Committee. However, the US dollar is under pressure from lower-than-expected Services PMI. Furthermore, investors are interested in the report on changes in non-farm payrolls for February.

Services PMI fell to 52.6 in February, lower than the expected 53.0. Additionally, factory orders decreased by 3.6% on a monthly basis in January. Former New York Fed economist Steven Friedman suggests that Fed policymakers should be cautious about interest rate hikes in 2024 due to volatile inflation rates.