Looking to trade the pound this week?
Here are some mid-tier economic reports to watch out for and what market watchers are expecting.
Retail sales data (July 24, 7:00 am GMT)
- June consumer spending is expected to increase by 8% after the earlier 12% jump
- Stronger than expected results could assure pound traders that the U.K. consumer sector is keeping calm and carrying on
- Weak data, on the other hand, could stoke BOE easing expectations and spur declines for GBP pairs
Flash PMI readings (July 24, 9:30 am GMT)
- July flash manufacturing PMI to improve from 50.1 to 52.0, signaling stronger expansion
- July flash services PMI to climb from 47.1 to 51.1 to reflect a shift from contraction to growth
- Stronger than expected results could spark hopes that the U.K. continues to recover from the economic impact of the pandemic
- Long-term trend strength analysis paints a mixed picture of GBP pairs
- Most are in bearish territory, but Cable, Guppy, and GBP/CAD are in the middle of a weakening trend
- If you’re planning on trading these pairs this week, don’t forget to refer to this volatility table when setting entries and exits