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The U.K. is printing production and spending related reports this week! Will the numbers point to a recovering economy?
Here are the domestic releases you should know about:
CPI and PPI reports (Aug 19, 7:00 am GMT)
- Producer input prices to slow down from 2.4% to 1.2% in July
- Producer output prices could maintain 0.3% growth pace
- Headline inflation to accelerate from 0.1% to 0.2% in July
- Annual inflation seen improving from 0.6% to 0.8%
- Core inflation to slow down from 0.2% to 0.1%?
- Annual core inflation to print at 1.5% after 1.4% rise in June
Retail sales (Aug 21, 7:00 am GMT)
- U.K.’s retail activity was near pre-lockdown levels in June, which helped GBP climb during the U.S. session
- Headline retail sales to level off from 13.9% to 2.5% growth in July
- Core retail sales expected at 0.5% from 13.5% uptick in June
- Annualized retail sales seen improving from -1.6% to 0.4%
Markit PMIs (Aug 21, 9:30 am GMT
- Manufacturing activity expected to pick up from 53.3 to 53.4 in August
- Services sector to improve from 56.5 to 57.4?
Technical snapshot
- RSI finds the pound “overbought” against JPY and NZD
- GBP/USD may soon hit overbought status on the daily time frame
- GBP/JPY, GBP/NZD, GBP/USD, and EUR/GBP are all on short AND long-term uptrends on the daily time frame
- We could be seeing some short-term retracements on GBP/AUD, GBP/CAD, and GBP/CHF
- The pound has been most volatile against the comdolls and the franc in the last seven days
Missed last week’s price action? Read GBP’s price recap for August 10 – 14!