The Sterling continued to trade under the influence of a EUR centric shadow on Monday and although this is likely to stay the same today, it must be noted that Manufacturing Production numbers are due today and are forecasted to show a slight gain of 0.4%. The Halifax HPI has been pushed back until tomorrow at the earliest and it must be kept in mind that the report has had a tendency as of late to show up only when the BoE is making their MPC decision. The BoE meeting is scheduled for Thursday and unless the BoE announces a new stance it is likely to remain a rather tranquil affair. The GBP was able to stop its slide last week, but it has shown the tendency to be at the mercy of any ugliness which develops around the EUR regarding the Sovereign Debt issues – which reflect poorly on the U.K. as well. The GBP will likely trade in range today unless a major surprise comes across the news wires.
Written by bforex.com
