The British pound has been at the whim of risk appetite and the US dollar for most of the week, but things will change in the coming week as the UK economic calendar is chock full of market moving data.
The country will be releasing their retail sales report for the month of June and the advance release of second quarter GDP. After the big jump in May, we expect consumer spending to contract significantly– traders just need to be careful because the forecasts which are already low. The Bank of England will also be releasing the minutes from their most recent monetary policy meeting. Although they left interest rates unchanged, it will be interesting to see if any of the monetary policy committee members leaned towards a rate change.
