With the Pound trading towards the bottom end of its current trends against most major currency pairs, many will of course be looking out for reasons for the Pound to climb in order to purchase their foreign currency at higher rates.
With Brexit talks between the UK and the rest of the world ongoing there is always the chance of a sudden update which could swing the exchange rates, otherwise I’ve details some of the major potential movers coming out next week.
At 9.30am on Monday morning there is a raft of data out of the UK, with many of the indicators giving us a general overview of how the UK economy is currently performing. I think that the Consumer Credit for June figures along with Mortgage Approvals (also for the month of June) could result in movement for the Pound, especially if the mortgage figure comes out below the expected 65,000 new mortgage approvals.
Also on Monday there will be an Inflation Report Hearing whereby we will get an idea of how the Bank of England is to deal with the increasing inflation levels in the UK.
On Tuesday morning also at 9.30am we’ll get an idea of how the Manufacturing sector is getting on, as Market Manufacturing PMI (June) will be released which will demonstrate market sentiment within the sector.
We will have the same release the following day although on that occasion the figure will cover the Construction sector, and then on Thursday we’ll see the figure for Services which is essentially the most important of the three as that sector covers the most aspects of the UK economy.
Thursday is the most important day, not only due to the Services data to be released but because there will also be a release of the Bank of England’s most recent interest rate decision and subsequent Minutes report. The financial markets will be paying close attention to this event as any indication of future monetary policy are likely to result in movement for Sterling exchange rates. This data starts at 11am and Mark Carney will be speaking from 11.30am onwards.