This week there is a lot of economic data due to be announced which is likely to lead to a volatile week for Sterling exchange rates. Today we see the latest manufacturing PMI (Purchasing Manager Index), mortgage approvals and a consumer credit report. These three announcements will give a clear view of how the Replica Watches manufacturing industry, one of the key sectors of the economy, is performing, how the housing market is developing and also how strong the general public’s finances are. All three data sets are predicted to drop which could result in Sterling weakness today, however any unexpected positive movement in these numbers could give the Pound support.

On Thursday we have more housing market data and then potentially the most noteworthy announcement in the form of the Bank of England (BoE) interest rate announcement. In previous months we have seen a lone member of the BoE vote for an interest hike and with comments from the BoE Governor Mark Carney the chance of a rate hike is minimal, however, with the recent slowdown in the global economy the biggest possibility on Thursday is that the one member of the Bank of England who voted for a rate hike, Ian McCafferty, could reverse his recent decision and vote to keep rates on hold which would mean a 9 – 0 vote and therefore Sterling weakness as the chance of a rate hike becomes yet more distant.

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While I think it is unlikely this month, there is the slim possibility that due to the changing economic picture we could see a vote for a cut in interest rates something that really could see Sterling’s value fall. I do not think this will happen this month but if the global economy continues to worsen the chances of a rate hike could increase.

So, with a busy week ahead we can expect some considerable movement on Sterling exchange rates this week and all eyes will be on the BoE to see if there are any changes in the voting pattern.