WEEKLY ANALYSIS: U.S. RATE HIKE SPECULATION FUELS ANOTHER BEARISH WEEK
EUR/USD
Weekly Analysis: For the entire last week the bears maintained their control over the pair, capitalizing on a much better than expected NFP value. The probability of the Fed raising rates in December has increased substantially and this will probably contribute to further downside movement.
Technical Outlook
The support at 1.0820 was broken last week and this represents a major turning point for medium term direction. The next destination is most likely 1.0500 but before it can be reached, price needs to retrace higher in order to clear the oversold condition of the oscillators and possibly to re-test 1.0820 from below, confirming it as resistance. The overall bias is negative so expect continued downside movement, with 1.0660 as minor support.
Fundamental Outlook
The first two days of the week are relatively light in terms of news announcements, with the only important events being the Eurogroup Meetings (Monday) and the ECOFIN Meetings (Tuesday). Wednesday U.S. banks will be closed in observance of Veterans Day so it’s possible to see irregular volatility during the New York session. The same day, at ECB President Mario Draghi will speak at the Bank of England Open Forum; caution is recommended because his speeches always have the potential to strongly impact the single currency.
Thursday is again a slow day but Friday the action picks up with the release of the German Preliminary Gross Domestic Product, the U.S. Retail Sales and the University of Michigan Consumer Sentiment survey. All three are considered high-impact releases so the pair’s direction will probably be heavily influenced by the results.
GBP/USD
The pair suffered last week from a disappointing Inflation Report as the BOE lowered their economic growth and inflation expectations. The NFP release strengthened the greenback so the pair finished the week considerably lower.
Technical Outlook
We expect the downside price action to continue now that the zone around 1.5170 – 1.5200 is broken and the balance is clearly tilted in favor of the bears. However, such a drop is usually followed by a counter move, thus early during this week we anticipate a move higher, which should be treated like a retracement, not a reversal. The oscillators are not oversold but the pair has traveled a long distance in a short while, which makes a move up more probable.
Fundamental Outlook
The most important event of the week for the Pound is the release of the Claimant Count Change scheduled Wednesday. The indicator tracks changes in the number of total people who applied for unemployment related aid and usually affects the Pound strongly, with higher numbers being detrimental. The same day BOE Governor Mark Carney will hold a press conference with the main topic being the Inflation Report. This is another possible reason for high volatility so caution is recommended. The rest of the week lacks major economic announcements for the Pound.
WEEKLY ANALYSIS: ALL EYES ON U.S. INFLATION. FED RATE HIKE STILL ON THE TABLE
EUR/USD
Weekly Analysis: The pair had a choppy week and most of the moves in one direction were quickly reversed. The speeches of European and U.S. key bankers added more confusion and overall the market reversed all directional moves.
Technical Outlook
The resistance at 1.0820 proved strong last week and rejected price lower so we may see downwards price action but it is important to note that the candles corresponding to the last four days have long wicks in their lower side. This is a sign of bullish pressure and on top of that, the Stochastic is oversold for a relatively long time; also the Relative Strength Index is just exiting oversold territory. These signs suggest that bullish price action will soon follow, with the first barrier being 1.0820; to the downside support is still located at 1.0660, followed by 1.0500.
Fundamental Outlook
Monday the Final version of the European Consumer Price Index (CPI) is released, showing fluctuations in inflation across the Eurozone and the same day, ECB President Mario Draghi will deliver a speech in Madrid. Tuesday the German ZEW Economic Sentiment survey comes out but the highlight of the day will be the release of the U.S. CPI and CORE version of the same indicator. Since the Fed made it clear that inflation is crucial in their decision regarding the interest rate, the release will probably have a stronger impact than usual, with higher numbers strengthening the US Dollar.
Wednesday’s main event is the release of the FOMC Meeting Minutes which will offer insights into the Fed’s latest meeting and into the reasons that made them keep the interest rate unchanged. Thursday the greenback will be affected by the Philly Fed Manufacturing Index and the European calendar is light, but the trading week ends Friday with another speech of the ECB President Draghi, this time in Frankfurt, at the Euro Finance week. As always, these speeches should be treated with caution because strong and often irregular movement can occur.
GBP/USD
The Pound started last week strong but bullish momentum faded towards the end of the week; however, the pair is now trading above previous resistance and the bears have lost short term control.
Technical Outlook
The pair is still moving below the 50 days Exponential Moving Average and the last two candles have wicks in their upper and lower parts which suggests indecision but also that bulls are starting to fade away. On the other hand, the oscillators are starting to move up so we may see further upside action which can take price into the 50 EMA where a bounce lower is likely to occur.
Fundamental Outlook
Two very important announcements will affect the Pound this week: Tuesday the British Consumer Price Index is released, offering a status of inflation in the United Kingdom and Thursday the Retail Sales come out. Considering that sales made at retail levels account for a major part of overall economic activity, higher numbers usually strengthen the Pound. Throughout the week the pair will be affected by the U.S.
WEEKLY ANALYSIS: THANKSGIVING WEEK – IRREGULAR VOLATILITY, CHOPPY MOVEMENT POSSIBLE
EUR/USD
Weekly Analysis: The pair just completed another bearish week, with price closing lower than it started; however the question whether the Fed will or will not raise rates this year still creates a lot of speculation and back and forth movement.
Technical Outlook
After a brief retracement to the upside, the bears made another attempt to break 1.0660 support and they’ve managed to close the week below it. It seems the US Dollar has regained control but we have to pay attention to the Stochastic and the Relative Strength Index because both have spent a lot of time near their respective oversold levels and this is a warning sign that a retracement higher will soon follow. We may see another drop before a pullback but be careful with shorts this week.
Fundamental Outlook
The week ahead is slow in terms of economic announcements, with the first event being the release of the French and German Manufacturing PMIs, Monday morning. Tuesday the German IFO Business Climate survey comes out but the more important release is the Preliminary version of the U.S. Gross Domestic Product, which as we know is the most important gauge of overall economic performance. Later in the day a U.S. Consumer Confidence survey comes out but the impact is often low if the actual figure matches analysts’ forecast.
Wednesday’s most important event is the release of the U.S. Durable Goods Orders (goods with a life expectancy of at least 3 years) and Thursday the United States celebrate Thanksgiving Day so banks will be closed and volatility might be irregular. This effect is likely to extend through Friday when no major indicators are released by either the U.S. or Europe.
GBP/USD
The Pound was weakened by disappointing data released last week and erased all gains accumulated previously, but support was not broken.
Technical Outlook
The latest impulse is bearish and strong rejection was seen at 1.5330. This move confirmed that 1.5330 is good resistance and opened the door for a break of 1.5200 – 1.5170 support zone. A break would mean a major victory for the bears because this support is key for medium term direction so we anticipate further downside price action once 1.5170 is clearly broken. After that, the first target is 1.5030 where we expect a bullish bounce. As an alternate scenario, a break of 1.5330 will make 1.5500 the first target.
Fundamental Outlook
The United Kingdom will only release one major economic indicator this week: the Second Estimate Gross Domestic Product, scheduled Friday. The rest of the week only low impact indicators are released, so we expect a period when the US Events and the technical aspect will dictate direction.
WEEKLY ANALYSIS: PREPARING FOR A WILD WEEK: ECB RATE ANNOUNCEMENT, HUGE U.S. NON-FARM PAYROLLS RELEASE
EUR/USD
Weekly Analysis: Last week’s price action was affected by Thanksgiving Holiday and price action was choppy, volatility was irregular but with a downwards bias.
Technical Outlook
The main levels to watch this week are 1.0660 as resistance and the zone around 1.0500 as support. Price will most likely touch both of them as the week is full of major data releases but from a strictly technical point of view, we expect retracements to the upside. This is based on the fact that the Daily candles are showing long wicks (both upper and lower), which is a sign of indecision and the oscillators are long time oversold. The bearish momentum is starting to fade but keep in mind that we are still in a medium term downtrend.
Fundamental Outlook
The week opens with Monday with the German Retail Sales, followed by the German Preliminary Consumer Price Index, both very important events for the single currency, mainly because the German economy plays a major role in the overall health of the Eurozone. Tuesday the United States will release Manufacturing data in the form of the Purchasing Managers’ Index and Wednesday we take an early look into U.S. employment with the release of the ADP Non-Farm Employment Change. Later the same day, Fed Chair Yellen will talk about the economic outlook at The Economic Club, in Washington.
Thursday is the most important day of the week for the euro as the ECB announces the interest rate (not expected to change from the current 0.05%) and later ECB President Mario Draghi will deliver a speech at the usual Press Conference that accompanies the rate announcement. Journalists will ask questions and as always, this is a time when the euro can behave erratically so we recommend caution until the conference is over. Later in the day, Fed Chair Yellen will testify before the Joint Economic Committee, with the topic being monetary policy so we expect a day with strong movement.
Probably the most important data of the week is released Friday in the form of the Non-Farm Payrolls which is considered the most important jobs related indicator for the United States. It shows how many new jobs were created in the previous month with higher numbers suggesting a thriving economy and contributing to a rate hike this year.
GBP/USD
The pound-dollar pair moved lower for almost the entire last week on the back of comments made by BOE Governor Mark Carney that rates will remain low in the near future. Talks about increased chances of a Fed rate hike also contributed to the fall.
Technical Outlook
The pair moved below the key support zone between 1.5200 – 1.5170 and stopped right on the level at 1.5030. We expect the down move to make its way into the area around 1.4970 where it will probably pause or retrace higher. Movement throughout this week will be determined by the data released and the technical side will be secondary, with the main levels to watch being 1.5170 as resistance and 1.4970 as support.
Fundamental Outlook
Tuesday Bank of England’s Governor Mark Carney will testify on the Inflation Report and on the Bank Stress Test results released earlier the same day; the impact on the Pound depends a lot on the results of the stress test and of course on the attitude of the Governor. The same day the Manufacturing PMI comes out, offering insights into the health of the British Manufacturing sector. The rest of the week is rather slow for the Pound, with the only notable events being the release of the Construction PMI scheduled Wednesday and the Services PMI programmed for Thursday.
WEEKLY ANALYSIS: POSITIVE U.S. JOBS DATA BRINGS A RATE HIKE CLOSER. US DOLLAR STRENGTH LIKELY TO FOLLOW
EUR/USD
Weekle Analysis: Last week we saw huge euro strength at the time of the ECB Press Conference. The pair soared, erasing the losses incurred over several previous weeks. The NFP report, although better than anticipated, didn’t manage to bring the pair back down.
Technical Outlook
Price pushed through the resistance at 1.0825 and through 50 days Exponential Moving Average, bouncing lower at 1.0980. This level will now act as short term resistance but we are likely to see another push above it. Once the level is broken, the pair will head towards the next target, which is 1.1100. Keep in mind that sometimes after such a huge move, the market moves sideways for a while or even retraces lower; if this occurs, the first barrier is 1.0825.
Fundamental Outlook
After a wild week such as the one that just ended, this week the economic calendar is light and we will probably see less movement. Monday the Eurogroup Meetings take place, followed Tuesday by the ECOFIN Meetings, attended by finance ministers from the Eurozone member states. Wednesday is a slow day for both Europe and the United states, while Thursday the only notable event is the release of the US Unemployment Claims.
Friday action picks up as the U.S. Retail Sales are released, together with the Producer Price Index and followed by the University of Michigan Consumer Sentiment survey which acts as a leading indicator of consumer spending. However the impact is often mild and depends on how big is the difference between actual and forecast.
GBP/USD
The pair dropped earlier during the week, just to climb back up Thursday, giving us a difficult to trade period. The U.S. jobs data didn’t have the anticipated high impact, probably because the pair had already moved strongly earlier in the week.
Technical Outlook
Although the NFP report didn’t create the volatility we are used to, the effects will probably extend to this week and we will see US Dollar strength. Price stopped at 1.5160 but this could be just because the week ended, not because a move lower is next, so the first day of the week will be important for short term price action. If the pair can climb above 1.5160 and turn this level into support, we will likely see further upside movement, possibly into 1.5330 resistance; of course, for that to happen, the 50 days Exponential Moving Average must be broken first. From a medium term perspective, we don’t have a higher high so the downtrend is intact.
Fundamental Outlook
Monday BOE Governor Mark Carney will testify before the Committee on Economic and Monetary Affairs of the European Parliament and Tuesday the Manufacturing Production numbers come out, showing the change in the total output generated by the manufacturing sector. Later in the day, NIESR will release an Estimate of the British Gross Domestic Product; this estimate is usually pretty accurate so we are likely to see some volatility at the time of the release.
Another important day of the week is Thursday, when the Bank of England will announce the interest rate and members’ votes. The rate is not expected to change but a statement will be released, outlining the reasons behind the decision and this document can contain clues about future rate changes, thus creating volatility.
WEEKLY ANALYSIS: HOW WILL CHRISTMAS WEEK AFFECT THE US DOLLAR?
EUR/USD
Weekly Analysis: Last week the most anticipated Fed meeting of the year took place and we witnessed a rate hike to <0.50% from the previous <0.25%. The change did not have the immediate effect which most market participants expected but US Dollar strength is probably going to extend to the near future.
Technical Outlook
Price action throughout the week will be affected by the Christmas Holidays and we are likely to get irregular movement so we recommend caution throughout the week. The pair is currently testing the support zone created around 1.0825 and we expect small bounces to the upside before the level can be broken. However, note the position of the Daily stochastic which is just exiting overbought, a fact which favors extended moves to the downside; Fed’s decision to raise the rate will probably contribute to a stronger move south as well.
Fundamental Outlook
The week ahead will be influenced by Christmas and economic news are scarce. Monday no major events are scheduled and Tuesday the Final version of the U.S. Gross Domestic Product comes out, alongside the Existing Home Sales. Wednesday we have the U.S. Durable Goods Orders and the New Home Sales, while Thursday is Christmas Eve and the only notable indicator is the U.S. Unemployment Claims. However, the effect of this release is hard to anticipate due to the low liquidity which will most likely be present.
Friday is Christmas Day thus most banks and brokerages all over the world will be closed so price action will be irregular and without clear direction.
GBP/USD
The US Dollar performed better against the Pound than it did against the Euro and we saw strong movement south despite better than anticipated economic data released by the United Kingdom last week.
Technical Outlook
The bears are having difficulties breaking the support zone around 1.4895 but we expect this barrier to fall and price to head into 1.4600. However, this distance is not likely to be traveled this week. The first target after a potential break of 1.4895 will become 1.4830 (better seen as support on a Weekly chart), but as mentioned earlier, price action during the entire week will be affected by the Christmas Holidays, thus we recommend extra caution.
Fundamental Outlook
The British Current Account is released Wednesday, showing the difference between the value of imported and exported goods. A higher than expected number is beneficial for the Pound but the effect is often mild and probably more so this time because we are getting close to Christmas. The same day, United Kingdom’s Final Gross Domestic Product is released; this is the main gauge of overall economic performance but the Final version usually has the lowest impact. Friday British Banks will be closed, celebrating Christmas Day.
WEEKLY ANALYSIS: THE YEAR COMES TO AN END, THE MARKET REACTS WITH IRREGULAR MOVEMENT
EUR/USD
Weekly Analysis: Last week was bullish overall but price movement was affected by Christmas Eve and Christmas Day when most banks were closed. Prior to that, resistance was touched but not broken.
Technical Outlook
The pair touched 1.0980 resistance but failed to break it and this was mostly because liquidity was thin during the past week. However, the bounce lower at resistance also shows that the bulls lack the strength needed to continue the latest impulse and makes us believe that a move lower is next. The first target for this potential move down is located at 1.0825, followed by 1.0800 but New Year’s Eve and New Year’s Day will play a big role by slowing down the market and creating low liquidity. We expect price to remain inside the range created by 1.1040 and 1.0825.
Fundamental Outlook
The week ahead will be still affected by the low liquidity and irregular movement characteristic for the Winter Holidays, but here are the main things to keep an eye on: Tuesday a U.S. Consumer Confidence survey is released, showing the opinions of about 5,000 households regarding overall economic conditions and Wednesday the Pending Home Sales come out, giving us insights into the U.S. housing market.
Thursday German Banks will be closed in observance of New Year’s Eve and on the US Dollar side the only notable indicator is the Unemployment Claims but usually this release does not create strong impact. Friday most banks across the globe will be closed, celebrating New Year’s Day so the market will be practically still, with almost no movement.
GBP/USD
The US Dollar continued to strengthen against the Pound early last week but the gains were erased in the second part of the period and the pair ended up almost where it started.
Technical Outlook
The bounce at 1.4830 support suggests that the reign of the bears is coming to an end and that we are likely to see an extended retracement to the upside. If this comes true, the first minor resistance is located at 1.4970, followed by the psychological resistance at 1.5000. The level at 1.4895 is in close vicinity but its role is not clear; the Stochastic is curving upwards, coming from oversold and thus supporting a bullish move. The Relative Strength Index is bouncing on its 70 level, showing some bullish divergence, and this further favors a move north but the passing of the year will surely affect price action.
Fundamental Outlook
The United Kingdom didn’t schedule any major releases for the week ahead and on top of that, Monday and Friday UK banks are closed, celebrating Boxing Day and New Year’s Day respectively. Throughout the entire week ahead we expect slow, choppy and potentially irregular movement but this is a well-known characteristic of the last week of the year.
WEEKLY ANALYSIS: U.S. NON-FARM PAYROLLS KICK OFF THE TRADING YEAR WITH A BANG
EUR/USD
Weekly Analysis: Last week the pair bounced at resistance and traveled lower on the back of thin volatility. Overall, price movement was affected by the changing of the year so the real market direction will be probably revealed this week.
Technical Outlook
The bounce at 1.0980 shows that the bulls are starting to fade away and the bears are taking over. For that to happen, the support zone between 1.0825 – 1.0800 must be broken and re-tested from below (support must turn into resistance). If this is the case, then we will probably see a move into the zone around 1.0660 once normal liquidity is restored. A rejection at 1.0825 – 1.0800 would suggest that price is headed for 1.0980 – 1.1000 zone once again.
Fundamental Outlook
The week starts Monday with the release of the German Preliminary CPI which as we know is the main gauge of inflation and later in the day the U.S. Manufacturing PMI comes out. This is a survey of purchasing managers regarding the health of the manufacturing sector and can bring US Dollar strength if it posts a better than expected value.
Tuesday the Eurozone CPI is announced but its impact will be somewhat lowered by the earlier release of the German CPI; nonetheless, an increase would be beneficial for the single currency. Wednesday we get a first look into the U.S. jobs market with the release of the ADP Non-Farm Employment Change and later in the day the Fed will release their FOMC Meeting Minutes that will contain insights into the reasons why the interest rate was raised in December.
Thursday is a light day but Friday will probably be the most important day of the week because the Non-Farm Payrolls are made public, showing how many new jobs were created during the previous month. As always, this is a very important indicator and its impact is potentially huge so caution should be used; a higher than expected number suggests a thriving economy and thus a stronger dollar.
GBP/USD
The Pound weakened substantially against the US Dollar during the last week of 2015, allowing the pair to travel almost 200 pips lower and to break support decisively.
Technical Outlook
The current move is likely to extend into the support located at 1.4700 but once this barrier is touched, we expect a bounce higher, possibly into 1.4800. The Stochastic is oversold and curving upwards, supporting such a bounce and the Relative Strength Index is showing bullish divergence (price is making lower lows while the oscillator is just bouncing on the 30 level). These technical factors favor a move up but a lot will depend on the British data released throughout the week and of course, the U.S. jobs report will play a major role for price direction.
Fundamental Outlook
Three important surveys will be this week’s headlines: Monday the Manufacturing PMI comes out, followed Tuesday by the Construction PMI and Wednesday by the Services PMI. All these are leading indicators of economic health for their respective sectors and higher numbers than forecast usually strengthen the Pound. The U.S. events mentioned earlier will have a direct and strong impact on the pair’s movement throughout the week.
WEEKLY ANALYSIS: U.S. DOLLAR ON SHAKY GROUND; MIXED PERFORMANCE AGAINST EURO AND POUND
EUR/USD
Weekly Analysis: The last weekly candle is a bullish pin bar although the jobs situation in the United States improved and this should have strengthened the US Dollar. The pair dipped below 1.0825 but soon returned above this level.
Technical Outlook
Last week’s price action created minor support at 1.0710 but now it appears to be headed for the resistance zone between 1.0980 and 1.1040. We expect this zone to be touched in the early days of the week and then the pair will probably start to move lower, towards 1.0825. The chances of this scenario to happen will increase if the Relative Strength Index will reach overbought or will create bearish divergence. Keep in mind that the NFP report was better than expected so we are likely to see US Dollar strength during the week ahead.
Fundamental Outlook
The week ahead is much slower in terms of economic releases and in fact Monday, Tuesday and Wednesday will be quiet days, without major data coming out. Thursday the Eurogroup Meetings take place, attended by the President of the European Central Bank, finance ministers from the member states and other important personalities; the same day the U.S. Unemployment Claims come out, but usually the impact of this release is mild.
Friday will be the busiest day of the week, with the headlines being the U.S. Retail Sales and later in the day the Preliminary Consumer Sentiment survey released by the University of Michigan. The impact of the latter fluctuates and depends on the difference between forecast and actual value but usually higher values for any of the 2 indicators can strengthen the US Dollar.
GBP/USD
The Pound is weakening severely and rapidly against the US Dollar and last week the pair closed below key support on the back of a better than anticipated number posted by the U.S. Non-Farm Payrolls.
Technical Outlook
The pair is in need of a retracement to the upside and this week we expect it to climb above 1.4565 (this is a key level of support, better seen on a Weekly chart). The Relative Strength Index and the Stochastic on a Daily chart are deep in oversold territory for quite a long time, increasing the chances of a bullish pullback. This potential move up is likely to find resistance in the zone around 1.4700 but the picture is bearish as long as the pair is trading below the 50 period Exponential Moving Average.
Fundamental Outlook
Monday no major indicators are released by the United Kingdom but Tuesday action picks up with the release of the Manufacturing Production which will show changes in the output generated by the British Manufacturing sector. Usually the impact is high, with better numbers showing increased economic activity, thus a stronger Pound. The same day, NIESR will release an Estimate of the British Gross Domestic Product and although this is not a final number, if it’s higher than expected it can be beneficial for the currency.
Thursday the Bank of England will announce their interest rate decision but no change is expected (currently 0.50%). At the same time the Monetary Policy Committee will release a breakdown of the rate votes (showing the stance of each member) and also a summary of their meeting. This cluster of events is likely to create strong volatility, even if the rate will remain the same.
WEEKLY ANALYSIS: POUND APPROACHING NEAR 6-YEARS LOW, EURO CAPPED BY TECHNICAL LEVELS
EUR/USD
Weekly Analysis: Last week was characterized by choppy movement and a lot of back and forth action, without a clear winner. The pair touched support as well as resistance, but didn’t manage to break either one.
Technical Outlook
The pair bounced higher at 1.0800 support and during the last day of last week, touched 1.0980 resistance but price action lacks clear direction and we expect this ranging period to continue until either support or resistance is broken decisively. The Stochastic and Relative Strength Index are both mixed and don’t show a lot about future direction but the last daily candle shows a long upper wick, which is a sign of rejection (although not very strong on its own). This week’s ECB press conference will probably generate a breakout but the direction is hard to anticipate at the moment.
Fundamental Outlook
Monday we are likely to see a slow day as U.S. banks are closed in celebration of Martin Luther King Day and Europe doesn’t release any major indicators. Tuesday’s headline is the release of the German ZEW Economic Sentiment, a survey of about 275 German investors and professional analysts regarding current economic conditions as well as an outlook for the next 6 months.
Wednesday the World Economic Forum Annual Meetings start in Davos and will continue for the whole week, possibly generating market volatility. The same day we take a look into U.S. inflation with the release of the Consumer Price Index, while Thursday the Euro takes center stage as the ECB will announce the interest rate and ECB President Mario Draghi will hold the usual press conference. Friday’s only notable event is the release of the German Manufacturing PMI, a survey of purchasing managers from the manufacturing sector that acts as a leading indicator of economic health.
GBP/USD
The Pound continued to deteriorate against the US Dollar last week, without any sign of a move up. The Bank of England kept the rate unchanged as expected but the overall stance was dovish, further weakening the currency.
Technical Outlook
The pair is approaching the low reached in 2010, located at 1.4229. Although the level was touched a long time ago, when it was hit it generated a strong bounce, so this time we are likely to see a move up as well. The Stochastic and Relative Strength Index are both in deep oversold territory for a relatively long while and this suggests that a push up is next; however, from a technical point of view this correction to the upside is long overdue, but there’s no trace of it. Nonetheless, the importance of the level at 1.4230 makes us believe that this week we will see bullish price action.
Fundamental Outlook
The first important event of the week for the Pound is the release of the British Consumer Price Index scheduled Tuesday and followed Wednesday by the Average Earnings Index (shows changes in the price paid by businesses and government for labor) and the Claimant Count Change (tracks changes in the number of unemployed people). Both are high-impact indicators and can affect the direction of the Pound so caution is recommended. The last event of the week is the release of the British Retail Sales, scheduled Friday.
