Strange week for Sterling pairs as we did see two strong moves without a direct catalyst from the U.K. Whatever the case may be, the British pound easily takes the top spot for the week!
Overlay of GBP Pairs: 1-Hour Forex Chart
Headlines and Economic data
Monday:
- Mark Carney vows to reinvent Bank of England for ‘fourth industrial revolution’
- Brexit: Labour urged to resolve second referendum question
Tuesday:
- UK Consumer Confidence stubbornly marks -13 for third month in a row
- Relatively strong move higher on the session for sterling pairs without an apparent direct catalyst. It’s possible sentiment for Sterling improved as Brexit talks resumed between Theresa May and Jeremy Corbyn.
Wednesday:
- UK house prices gather a bit more speed in April – Nationwide
- UK manufacturing upturn slows as new export business falls and pace of stockpiling eases
- U.K. mortgage approvals decline, consumers rein in borrowing
Thursday:
- Bank of England raises UK growth forecast
- Bank of England ups growth view, Brexit keeps rate rise on ice
- House building helps UK construction sector return to growth in April
Friday:
- Service sector returns to growth in April, but subdued demand continues – IHS MARKIT / CIPS
- Theresa May under pressure to quit after local election losses
- 5 things we’ve learned from the 2019 UK local election results
- Again, no direct catalyst for the broad rally in Sterling during the U.S. trading session. Arguably, it could be a reaction to U.S. dollar weakness after the U.S. employment update or the weak U.S. services PMI update.
