UK Earnings Data May Accelerate drop in British Pound GBP

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UK Earnings Data May Accelerate drop in British Pound GBP

UK Earnings Data May Accelerate drop in British Pound GBP – Official data to be released at 08:30 GMT today are expected to show earnings continue to increase the rate of inflation in UK, With potential reduction consumer spending and the overall growth of the economy in the third quarter. That would ease the pressure on the Bank of England to tighten monetary policy and likely keep the British Pound on its current path downwards.

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As the chart shows, the GBP Pound has been dropping vs the US Dollar and other currency pairs throughout this month. That downtrend gathered pace yesterday as official data showed that headline inflation remained at 2.3% year/year in July 2017 rather than increasing to 2.9% as economists had expected. The core rate also stayed where it was, at 2.8%, instead of rising.
GBPUSD CHART
UK Earnings Data May Accelerate drop in British Pound GBP

This GBP/USD session, official figures to be released at 08:30 GMT are expected to show earnings rose by 1.9%, below the 2.8% inflation rate and consumers spending power. Despite pressure on the Bank of England’s monetary policy to tighten UK conditions as inflation stays above its 2.2% target, the central bank is likely to hold off for many more months for fear of slowing the economy still more.

Meanwhile, UK unemployment rate remained at 4.3% while employment rose by 99,000, down from the previous 179,000 rise.

Technical perspective, GBP/USD should support at the 1.2811 low touched on July 12th 2017 and the 14-day relative strength index close to oversold territory.

Asian Markets Higher As FOMC Minutes drop

  • Most Asian forex markets were in the GREEN.
  • Data to earnings reports modest of the Nikkei
  • Many fx signal investors were waiting to hear about the Federal Reserve last policy meeting

Crude oil prices edged up on dropping US inventory data; while gold prices were steady after two days a drop in profits.

The rest of the session is likely to be controlled by the wait for the last Federal Open Market Committee meeting on July 25th. Nature policy discussion investors will be looking for more detail about the timing of balance reduction sheet at the Fed Reserve.

GBP/USD Risks Losses on U.K. Employment Report

A slowed U.K. Employment accompanied by signs of wage growth may move a bearish reaction in GBP/USD as it pushes the (BoE) Bank of England to preserve the lowest interest rate throughout 2017.
With Mr – Sir David Ramsden joining the Monetary Policy Committee (MPC) meeting on September 14th 2017, lack luster coming out of the U.K. economy may generate a 7 to 2 splits already.

UK Earnings Data May Accelerate drop in British Pound GBP

Euro May Shrug Off GDP Data, FOMC Minutes

  • Euro may shrug off 2 Q GDP revision with ECB 
  • UK jobless claims data pass with no notice from the GBP 
  • US Dollar may rise as FOMC minutes at third 2017 hike

A revised quarter Euro-zone GDP figures calendar in EU trading hours. The flash estimate showing a 0.9 percent quarterly gain is expected to be confirmed.

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