By TraderVox.com
Tradervox.com (Dublin) – The pound-dollar cross had a quiet week and almost closed the week unchanged at 1.5682 from the opening level of 1.5652. There are about seven reports from the UK that are expected to shape the cross this week.
The first report on Monday will be the RICS House Price Balance which will be released at 23.01hrs GMT. The index declined in July by 22 percent and the market expects a similar decline for August. This deteriorating figure is a signal of a weakening housing sector. The CPI and RPI reports will be released on Tuesday concurrently at 0830hrs GMT. The CPI is expected to increase by 2.4 percent, the same as July increase. The market is also predicted an increase in the RPI with the same margin of 2.8 percent as last reading.
The market will also be treated to another series of reports from UK on Wednesday, starting with the Claimant Count Change which will be released at 0830hrs GMT. The data had indicated a decrease in the number of unemployed people in July posting a figure of 6.1k. The market is expecting this figure to increase by some few thousands to reach 6.6k. The MPC Meeting Minutes and Unemployment Rate report will be released at the same time at 0830hrs GMT of Wednesday. The market will be looking to get a more hawkish voting pattern from the MPC meeting. Investors will scrutinize the report to see how the Monetary Policy Committee members thought and voted for the interest rate and quantitative easing program. The unemployment rate in the UK dropped to 8.1 percent in July and the market expects this figure to remain the same for June.
The last major report from the UK will be the Retail Sales report which will be released at 0830hrs GMT. The indicator increased by only 0.1 percent in July, which was weaker than the market expectation. The market is expecting the same figure this time round.
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