Orbex, UK GBP on the move this weel. What to expect?

This article is originally referred from Orbex Market Preview.

Amid a quiet trading week, the British pound is set for a somewhat busy week ahead.

Economic reports over the week will cover the inflation, unemployment and retail sales figures for the month of July.

The data comes following the BoE’s interest rate hike few weeks ago.

The Bank of England had signaled that inflation is likely to remain above the Bank of England’s 2.0% inflation target rate, after it hiked rates by 25 basis points earlier in August.

The latest inflation figures will cover the month of July but investors will be more focused on the consumer price index report for August which follows the interest rate hike.

Focus will also be on the wage data that is due later in the week.

The UK’s average earnings continue to rise above the pace of inflation.

The latest rate hike could potentially put a dent even further.

The retail sales report will be giving a glimpse into consumer purchases made during the month.

Retail sales had declined 0.5% on the month in June. This came following a solid 1.3% increase in April.

Original Source: Orbex Market Preview