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Events That Will Affect the GBP/USD Pair This Week
Submitted by Anonymous on Mon, 06/08/2012 - 16:28
Tradervox.com (Dublin) – The pair closed the week almost one cent weaker at 1.5632 from 1.5726. The situation in Europe is still affecting the UK economy and investors are projected to remain on safety mood this week. There are eight releases from UK that are projected to affect the cross this week. The Halifax HPI will be the first release this week, where the market is expecting a decline of 0.4 percent for the August reading. The housing Index had climbed by one percent in July. At 2301hrs on Monday, the BRC Retail Sales Monitor report will be released. This indicator has advanced by 1.5 percent in the previous two readings, and the market expects this trend to continue for August.
On Tuesday there will be two major reports; the Manufacturing Production and the NIESR GDP Estimate which will be released at 0830hrs and 1400hrs GMT respectively. The Manufacturing Production is expected to be at 3.9 percent while the GDP Estimate is expected to be better than the previous one of negative 0.2 percent.
The BOE Inflation Report will be released on Wednesday at 0930hrs GMT. This report focuses on the forecasts given by the BOE for economic growth and inflation. Investors will be looking at this for any clues of major action by the Bank of England in the next two years. On Thursday there will be the UK Trade Balance and the CB Leading Index releases which will be at 0830hrs and 0900hrs GMT. A reading of -8.4 billion pounds is expected on Trade Balance while the Leading Index is expected to be positive. On Friday, the PPI Input data will be released at 0830hrs GMT. This manufacturing inflation index has remained below zero since April, but the market is expecting the index to advance to 1.3 percent in August.
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