WEEKLY ANALYSIS: ECB PRESS CONFERENCE, U.S. JOBS DATA – ALL THE INGREDIENTS FOR ANOTHER WILD WEEK
EUR/USD
Weekly Analysis: The week that just ended showed a sharp reversal after establishing a multi-month high at 1.1713. The pair came down as hard as it climbed, influenced by turmoil on the Chinese markets and speculation about how they will affect a potential Fed rate hike.
Technical Outlook
Two important levels were breached to the downside: 1.1450 and 1.1215 and although these provided good resistance in the past, they did not turn into support and didn’t manage to push price higher once touched. Now the bears are in control and it is less likely to see another sharp turn to the upside, the oscillators show good momentum and are moving down coming from overbought so we anticipate a move into the bullish trend line seen on the Daily chart above. The fundamental data will play a major role in this week’s price action.
Fundamental Outlook
Monday we will receive more information about European inflation as the Flash Estimate Consumer Price Index is released. Tuesday US Manufacturing data comes out in the form of the Purchasing Managers’ Index and Wednesday we take a first look at US jobs data as Automatic Data Processing Inc. will release their version of the US Non-Farm Employment Change report.
The “heavy” events start Thursday when the European Central Bank announce their rate decision and ECB President Mario Draghi holds a press conference during which he answers journalists’ questions. The conference creates strong movement almost always so caution is recommended while the ECB President speaks. The economic week ends Friday with the most important jobs report for the US economy: the Non-Farm Payrolls (also known as Non-Farm Employment Change). The indicator shows how many new jobs were created during the previous month and has a strong impact on the US currency because more jobs lead to increased levels of consumer spending, which represents a major part of overall economic activity.
GBP/USD
After a bullish first day of last week, the pair dropped substantially and traveled roughly 500 pips to the downside, reaching 1.5330 support and generating a massive win for the bears.
Technical Outlook
The pair showed an almost perfect bounce at 1.5800 resistance and the bears took over, creating the biggest movement seen during the last period. Price was trapped between 1.5675 and 1.5500 and now that it has broken out, we expect the current direction to continue during the weeks to come. The first barrier in front of falling prices is the key support at 1.5330 where we expect price to stall or rebound slightly higher and continue lower afterwards. The oscillators show good downside momentum but the RSI is approaching oversold, increasing the chances of a pullback during the week.
Fundamental Outlook
Monday British banks will be closed in observance of Summer Bank Holiday, thus no major indicators are released and liquidity might be irregular. Tuesday the British Manufacturing PMI is released, followed Wednesday by the Construction PMI and Thursday by the Services PMI. These are all surveys of purchasing managers and act as leading indicators of economic health so numbers that surpass analysts’ expectations are beneficial for the Pound. As always, the US events will have a direct and strong impact on the pair.
WEEKLY ANALYSIS: SIGNS OF A DOWNTREND: DOLLAR STILL STRONG DESPITE SOFT U.S DATA
EUR/USD
Weekly Analysis: The week that ended was characterized by bearish price action as ECB President Mario Draghi had a dovish stance on economic growth and inflation expectations. U.S. employment data was mixed, showing that fewer new jobs were created but the Unemployment Rate dropped, bringing some strength to the dollar.
Technical Outlook
The pair moved below the 50 days Exponential Moving Average but the support at 1.1100 stopped the fall, at least for the moment. This week we expect a break of the mentioned support and a move into the uptrend line seen on the chart above. If the trend line is indeed touched, the oscillators are likely to become oversold and this may create a bounce higher, with the moving average becoming the first potential resistance. If current support rejects price, 1.1215 will become first potential target.
Fundamental Outlook
Monday U.S. banks are closed due to Labor Day so there are no major indicators scheduled and the pair may suffer from irregular volatility. Tuesday the headline is the release of the Euro-Zone Gross Domestic Product and Wednesday is a slow day, without notable events.
Thursday the US Unemployment Claims come out, showing how many people applied for unemployment related benefits and Friday we will get more information about European inflation as the German Consumer Price Index is released. Also, on the dollar side, the University of Michigan will release their Consumer Confidence survey which shows how respondents rate the current and future economic conditions.
GBP/USD
British economic data disappointed throughout last week and this was reflected in a weak Pound and a massive drop for the pair, without the smallest pullback.
Technical Outlook
Two important support levels were broken last week (1.5330 and 1.5200) and it seems like a new medium term downtrend is beginning to shape up. The Relative Strength Index and the Stochastic are both oversold and this fact, combined with the lack of a proper pullback, makes us believe that this week we may see bullish price action. It is important to note that all moves up should be treated as pullbacks in a downtrend.
Fundamental Outlook
Wednesday is the first important day of the week for the Pound as Manufacturing Production numbers come out, followed later in the day by the NIESR estimate of the British Gross Domestic Product.
Thursday the Bank of England will announce the interest rate decision and the structure of the members’ votes. Analysts don’t expect a rate change but if more members of the committee voted for a hike, the Pound is likely to strengthen because this could mean that a rate liftoff is getting nearer. As always, the U.S. indicators released throughout the week will have a direct impact on the pair.
WEEKLY ANALYSIS: IN THE SHADOW OF THE EPIC RATE DECISION
EUR/USD
Weekly Analysis: Last week price action was mostly bullish, on the back of a lackluster fundamental scene and US Dollar weakness, which generated a move above immediate resistance. Volatility increased in the second part of the week, mostly influenced by economic releases.
Technical Outlook
The pair is now trading above the 50 day Exponential Moving Average and above 1.1215 so the next logical destination is the important level at 1.1450. Both the Stochastic and the Relative Strength Index are moving upwards, supporting a continued move to the upside, at least until they approach extreme levels (overbought). A touch of resistance combined with a potentially overbought state of the oscillators may generate a move lower but the week’s direction will be heavily influenced by the huge Fed event.
Fundamental Outlook
Ahead of the major Fed rate decision, the markets will be influenced Tuesday by the German ZEW Economic Sentiment which is a survey of about 275 investors and professional analysts focused on their opinion regarding the 6-month economic outlook. The same day the U.S. Retail Sales are released so we have a busy day, with possibly strong movement.
Wednesday we take a look at American inflation as the U.S. Consumer Price Index is released and Thursday we will witness probably the most anticipated event of the year so far: the Federal Funds Rate decision. Since the beginning of the year, speculation has surrounded a potential U.S. rate hike and the most talked about date for such a change is finally here. An increase is anticipated, but even if it doesn’t occur, the US Dollar will move strongly at the time of the release, which will be accompanied by a Press Conference and a Rate Statement. It is likely to see irregular movement during the days preceding the Fed meeting so caution is recommended throughout the week.
GBP/USD
For almost the entire last week the Pound strengthened against the greenback and we saw a bullish pullback which is now close to resistance.
Technical Outlook
The pair is now approaching a heavy resistance zone represented by the 50 days Exponential Moving Average and the level at 1.5500. Both oscillators are still bullish but before the current up move, the bears showed great strength which may come back once 1.5500 resistance is touched. If this is true, 1.5330 will become the first target but keep in mind that the importance of the Fed rate decision will overshadow any technical scenario.
Fundamental Outlook
Apart from the Fed decision, the pair will be influenced by the British inflation numbers which come out Tuesday in the form of the Consumer Price Index, by the British Claimant Count (change in the number of people who applied for unemployment related help) released Wednesday and by the British Retail Sales scheduled for release Thursday. We expect a busy week, but it’s possible to see choppy price action until the Fed meetings.
WEEKLY ANALYSIS: FED DOESN’T HIKE, YET SPECULATION STILL SURROUNDS THE US DOLLAR
EUR/USD
Weekly Analysis: Last week the US Dollar was heavily influenced by the Fed rate meeting and by speculation regarding the outcome. As we know the Fed decided to maintain the rate unchanged but Fed Chair Yellen mentioned they are closer to a hike, which could come as soon as October.
Technical Outlook
The rate decision initially weakened the dollar but probably hopes of an October hike, staged a comeback and the pair bounced at 1.1450 resistance. The first support is located at 1.1215 which combined with the 50 day Exponential Moving Average will create a confluence zone which will be tough to break. If this zone is breached, we expect price to head into the bullish trend line visible on the chart, otherwise we will see another encounter with 1.1450.
Fundamental Outlook
The week ahead is rather calm when it comes to economic releases but here are the most notable events: Monday the greenback will be affected by the Existing Home Sales numbers and Wednesday ECB President Mario Draghi will testify on monetary policy before the European Parliament. Thursday the German IFO Business Climate survey comes out, alongside the US Durable Goods Orders (goods with a life expectancy of at least 3 years).
The week ends Friday with the Final version of the American Gross Domestic Product; although this is the least important out of the three versions (Advance, Preliminary and Final), it must not be overlooked as it can generate US Dollar strength if it posts a higher than expected value.
GBP/USD
Even before the Fed event, the Pound started to strengthen against the greenback, mostly because of hints that the Bank of England is preparing a rate hike in the near future. The week was overall bullish but some gains were erased Friday.
Technical Outlook
Last week’s climb took price above the 50 day Exponential Moving Average, in close vicinity to 1.5675 resistance but candles corresponding to the last 2 days show long wicks in their upper parts. This is a sign of rejection, which combined with the importance of 1.5675 resistance for short term movement, makes us believe that we will see a move towards 1.5330 this week. A bounce at 1.5500 would suggest that bullish movement will continue and that 1.5675 will probably be broken.
Fundamental Outlook
The week is very slow for the Pound, with the only noteworthy indicator being the Public Sector Net Borrowing numbers released Tuesday. The indicator shows the difference between spending and income for the government and public corporations, with a higher number being considered detrimental because it shows more debt. Usually the impact of this release is mild, unless there’s a big difference between expectations and actual numbers.
WEEKLY'S ANALYSIS: IMPROVED U.S. JOBS SITUATION – A STEP TOWARDS 2015 RATE HIKE
EUR/USD
Weekly's Analysis: The first 2 days of last week were bearish, with the pair heading towards the support at 1.1100 but once this barrier was hit, price action became mixed and neither side managed to post further advances.
Technical Outlook
The pair is now trapped between 1.1215 resistance and 1.1100 support and overall movement is choppy. We maintain a slightly bearish bias, anticipating a break of 1.1100 and a touch of the bullish trend line. If the trend line is broken, the pair is “free” to travel lower, with 1.0820 as the first major target. To the upside 1.1450 remains key resistance.
Fundamental Outlook
The first important event of the week comes Monday in the form of an interview of FOMC voting member William Dudley who will discuss inflation expectations and interest rate increase. This interview is of direct interest to Forex market participants and could spur strong US Dollar movement. Tuesday a United States Consumer Confidence survey is released and will act as a leading indicator of consumer spending, while on the Euro side we will take a first look at German inflation as their Preliminary Consumer Price Index comes out.
Wednesday the European Consumer Price Index Flash Estimate comes out, offering insights into overall Euro Zone inflation and Automatic Data Processing Inc. will release their version of the Non-Farm Employment Change which will affect the greenback but to a lower extend than the government jobs data released 2 days later.
Thursday is a quiet day, with the most important release being the US Manufacturing PMI (survey or purchasing managers regarding economic conditions in the manufacturing sector) and Friday will probably be the most volatile day of the week as the U.S. Non-Farm Payrolls are released. This is widely considered the most important jobs related report for the United States and the impact on the US Dollar is almost always huge, with more jobs strengthening it and the opposite for less jobs.
GBP/USD
The pair dropped 5 days out of 5 last week and the bears managed to break important support levels as the dollar strengthened and the pound was affected by weak economic data.
Technical Outlook
Short term price action is controlled by the bears but the pair is printing a triple bottom pattern around 1.5170. This is a bullish pattern which is likely to generate upside movement and if this is the case, we may see a touch from below of 1.5330. A break of 1.5170 zone and thus an invalidation of the triple bottom will open the door for a move towards the next level of interest, which is located around 1.4970; the oscillators are still bearish, supporting such a move.
Fundamental Outlook
Tuesday Bank of England Governor Mark Carney will deliver a speech at the Lloyds of London but the late hour (7:40 pm GMT) may hinder a high impact unless the Governor makes intriguing or strong remarks. Wednesday the British Current Account (difference in value between imported and exported goods and services) is made public and the same day the Final Dross Domestic Product is also released.
Thursday we get insights into the health of the British manufacturing sector with the release of the Manufacturing Purchasing Managers’ Index and Friday the only notable event for the Pound is the release of the Construction PMI. Of course, the U.S. Non-Farm Payrolls will have a strong impact on the pair as always.
WEEKLY ANALYSIS: NFP DISAPPOINTS, PUSHING RATE-INCREASE OUTLOOK FURTHER
EUR/USD
Weekly Analysis: The week was mixed ahead of the American jobs data as most market participants waited to see the result. The pair rallied strongly on the back of US Dollar weakness generated by the disappointing numbers but the euro soon gave back most of the gains.
Technical Outlook
The climb was stopped by the resistance level located at 1.1320 and price moved again below 1.1215, so a breakout didn’t occur despite important economic data. First support is located at 1.1100 but the pair is still in indecision mode and it will remain so until either 1.1320 or 1.1100 are broken. The 50 period Exponential Moving Average is flat and doesn’t offer any kind of support or resistance for the time being but keep in mind that U.S. data was much worse than expected so we are likely to see dollar weakness.
Fundamental Outlook
The week is slower than the last in terms of economic releases but here are the main events: Monday the US Dollar will be affected by the Non-Manufacturing PMI and Tuesday the U.S. Trade Balance (difference between the value of imported and exported goods and services) comes out. Both are important indicators but the impact often depends on the difference between forecast and actual (a bigger difference will generate stronger impact). Also Tuesday, ECB President Mario Draghi will deliver a speech in Frankfurt so the euro is likely to show increased volatility.
Wednesday is a slow day, without notable events but Thursday the always important FOMC Meeting Minutes are released, offering insights into the Fed’s latest meeting. Many analysts’ expected a rate increase which didn’t occur so maybe some questions regarding the reasoning behind this decision will be answered in the Minutes. That release will be the last major event of the week because Friday no major indicators are scheduled.
GBP/USD
The week ended almost where it started, with the main event being the U.S. NFP which generated a strong climb followed by a smaller drop.
Technical Outlook
The support at 1.5100 was nearly touched last week and price bounced higher but the bulls couldn’t close above 1.5200 despite the blow took by the US Dollar from disappointing jobs data. This shows that the Pound still lacks the strength needed to stage a move higher but if early in the week, the pair moves above 1.5200, we may see an attempt to travel towards 1.5330, otherwise 1.5100 is likely the next destination.
Fundamental Outlook
The economic week opens for the Pound Monday with the release of the Services PMI, a survey of purchasing managers regarding the health of the services sector, followed Wednesday by the Manufacturing Production numbers (shows changes in the total value of output generated by the manufacturing sector).
The last major release of the week for the Pound is the BOE Interest Rate scheduled Thursday. The current value is 0.50% and no change is expected but at the same time a breakdown of the MPC members’ votes is made public and this can have an impact on the Pound if some members have changed their vote compared to the previous release.
WEEKLY ANALYSIS: RANGING CONDITIONS STILL ACTIVE AHEAD OF U.S. RETAIL SALES AND INFLATION DATA
EUR/USD
Weekly's Analysis: Last week the pair picked up speed and moved to the upside with more determination on the back of soft economic data coming out of the United States. The Fed didn’t offer clear clues that a hike is due this year, contributing to a weak US Dollar.
Technical Outlook
The resistance at 1.1215 was clearly broken and the bulls are making a run for 1.1450. Both oscillators are moving upwards, without being overbought so the chances of an encounter with the key resistance at 1.1450 are higher now than they’ve been before but keep in mind we are still in a raging market, without clear direction. A break of 1.1450 would bring in additional buyers and would mark a possible end to the ranging market. To the downside, the pair is supported by a bullish trend line, the 50 period Exponential moving Average and 1.1215.
Fundamental Outlook
Monday U.S. banks are closed, celebrating Columbus Day and Europe didn’t schedule major announcements so we expect a slow grinding day. Tuesday the German ZEW Economic Sentiment survey comes out, showing the opinions of about 275 German professional investors and analysts about a 6-month economic outlook.
Wednesday action picks up as the United States Retail Sales numbers come out but things on the European side are slow. Thursday the U.S. Consumer Price Index is released and the impact on the market is likely to be strong especially because the Fed takes inflation into consideration when deciding whether to raise rates or not. Later in the day the Philly Fed Manufacturing PMI comes out, offering insights into the health of the manufacturing sector in the Philadelphia district.
The week ends Friday with the release of the European Final CPI, which has a medium impact on the market, mainly because the German Prelim CPI and CPI Flash Estimate are already released. Later in the day the University of Michigan will release a Consumer Sentiment survey which is important for the US Dollar because increased levels of confidence among consumers suggest that an increase in retail sales will soon follow.
GBP/USD
The Pound had a bullish week, mostly because its counterpart, the dollar, suffered from mixed sentiment and signals from the Fed.
Technical Outlook
Although the pair made substantial advances last week, important resistance sits in front of further upside movement: price bounced Thursday and Friday at the 50 days Exponential Moving Average and 1.5330 horizontal resistance is not clearly broken. If this confluence zone can be broken during the first days of the week, we are likely to see a move close to 1.5500 but otherwise the zone around 1.5170 – 1.5200 is the next target.
Fundamental Outlook
The main events for the Pound are the release of the British Consumer Price Index (main gauge of inflation) scheduled Tuesday and the Claimant Count Change which comes out Wednesday The second indicator shows how many people applied for unemployment related help and a higher number is detrimental for the economy because people without jobs spend less, thus a slowdown of consumer spending is likely to follow.
WEEKLY ANALYSIS: MAJOR TURNING POINTS AHEAD. ECB INTEREST
EUR/USD
Weekly Analysis: Last week the economic data was mixed and we witnessed an important event for medium term movement: a false break of key resistance (1.1450). This is likely to influence future price action and can be considered a major turning point.
Technical Outlook
Although recent movement was choppy, the pair had a bullish bias but a lot of bearish pressure was also present. Now it’s time to see if the bulls really have what it takes to establish clear control and they could do this only if 1.1450 is broken early in the week. The last 2 days of the previous week belonged to the bears and the fact that 1.1450 rejected price is a clear sign of bull weakness but the beginning of a medium term downtrend must be confirmed by a break of the bullish trend line seen on the daily chart above (the moving average and 1.1215 support are also important for this scenario).
Fundamental Outlook
The first notable event of the week is the release of the U.S. Building Permits, scheduled Tuesday. The indicator shows the annualized number of permits issued for the beginning of residential building during the previous month. A higher value is usually beneficial for the greenback because it shows increased construction activity but the impact is often mild.
Wednesday the calendar is light and Thursday the most anticipated event of the week takes place: the ECB announces the interest rate and ECB President Mario Draghi holds a press conference, discussing the rate decision. Journalists ask questions and this is usually the most important part of the day, with strong moves for the euro.
The economic week ends Friday with the release of the German and French Manufacturing PMIs; both are leading indicators of economic health derived from the opinions of purchasing managers from the manufacturing sector and higher numbers bring euro strength.
GBP/USD
The Pound showed great strength last week and pushed the pair into 1.5500 resistance although the British economy is not at its best. U.S. data was also pretty weak, contributing to the pair’s climb.
Technical Outlook
After touching 1.5500 resistance, the pair paused for two days and retraced slightly lower. This could be a sign of buyer weakness but could also be just a consolidation generated by traders closing their positions at this important level. If the latter is true, we will probably see a move towards 1.5675 this week but keep in mind that the daily Stochastic is touching its overbought level; this is not an extreme condition but further climbs can be slowed down, especially if the Relative Strength Index will enter overbought too.
Fundamental Outlook
Only two important events will affect the Pound this week: Tuesday, Bank of England Governor Mark Carney will testify before the Treasury Select Committee about the BOE Bill and Thursday the British Retail Sales numbers are announced. Both events can bring increased volatility so caution is recommended.
WEEKLY ANALYSIS: DOLLAR GAINS MOMENTUM AHEAD OF FED’S RATE MEETING
EUR/USD
Weekly Analysis: Last week price movement was very slow before the speech of the ECB President Mario Draghi but his comments about more stimulus and even a possible decrease of the deposit rate triggered euro weakness and brought the pair out of the small range.
Technical Outlook
An important bullish trend line was broken last week, together with the 50 period Exponential Moving Average and the horizontal support at 1.1100. This puts the sellers in clear control and prepares us for a medium term bearish market but does not exclude a bullish pullback. Price is likely to stall around 1.1000 before continuing towards 1.0820 which is key support for medium term price action; first resistance is located at 1.1100.
Fundamental Outlook
The first event of the week is the release Monday of the German IFO Business Climate which is a survey with a large sample of about 7,000 businesses. Tuesday the focus shifts on the U.S. economy for the release of the Durable Goods Orders and the CB Consumer Confidence survey. Lately the impact of these indicators has been lower than usual but strong movement is still a distinct possibility.
Wednesday the Fed will announce their decision on the interest rate and a FOMC Rate Statement will be released, showing the reasons behind the decision. Unlike in September, a rate hike is not expected (currently <0.25%) but caution is recommended throughout the day.
The German Preliminary Consumer Price Index is scheduled Thursday; because it’s an important gauge of inflation, higher numbers can positively affect the euro. The same day the US Dollar will be heavily influenced by the U.S. Advance Gross Domestic Product. The week ends Friday with the release of the German Retail Sales and Eurozone Consumer Price Index; both can have a big impact if the actual numbers differ substantially from the analysts’ forecast.
GBP/USD
Despite strong British Retail Sales numbers, the Pound lost ground against the US Dollar last week, after another attempt to break 1.5500 resistance. The week was clearly bearish and it offered important clues about future direction.
Technical Outlook
The resistance at 1.5500 generated a heavy bounce lower and by doing so, it also showed the importance of this level for future price action. The pair is still trading above the bullish trend line seen on the chart but the level at 1.5330 has been breached and the momentum is bearish so we expect a move below this diagonal support. If this scenario comes true, the next area of interest is 1.5200 – 1.5170 but on the other hand, a bounce at the trend line will probably generate another encounter with 1.5500.
Fundamental Outlook
Only one major event will influence the Pound this week: the British Preliminary Gross Domestic Product. This is the main gauge of an economy’s overall performance and the Preliminary version is the most important out of the three (Preliminary, Second Estimate and Final). The release is scheduled Tuesday and higher values normally strengthen the Pound; of course, the U.S. events will have a direct impact on the pair, as always.
WEEKLY ANALYSIS: ALL EYES ON U.S. NON-FARM PAYROLLS. JOBS TIGHTLY CORRELATED WITH END-OF-YEAR RATE HIKE
EUR/USD
Weekly Analysis: Last week the US Dollar strengthened on speculation that a December rate hike is still on the table but most of the gains were erased Friday and the pair moved above resistance.
Technical Outlook
Although price retraced higher, the downside still prevails and a clear sign is the rejection seen Friday when the bulls pushed above 1.1000 but then failed to close the week above the level. During the first days of this week we are likely to see a struggle for control around 1.1000, with the result influencing the rest of the week. If the bears regain control, we are likely to see a move into the support at 1.0820 and otherwise, we expect a break of 1.1100
Fundamental Outlook
The first important release of the week is the U.S. Manufacturing PMI which is scheduled Monday and acts as a leading indicator of economic health with focus on the manufacturing sector. Tuesday ECB President Mario Draghi will speak in Frankfurt and Wednesday we take a first look at U.S. employment with the release of the ADP Non-Farm Employment Change. The same day Fed Chair Janet Yellen will testify on bank regulation before the House Financial Services Committee.
The last and probably most important event of the week is the release of the U.S. Non-Farm Payrolls, scheduled Friday. This is always a huge market mover but more so now, because at their latest meeting the Fed mentioned that a rate hike is tightly correlated with jobs and inflation. Look for strong movement and use caution at the time of the release.
GBP/USD
The Pound showed surprising strength during the last trading day of last week and managed to reverse the previous bearish momentum, moving the pair above several resistance areas.
Technical Outlook
Although the pair broke a bullish trend line early last week, the downside momentum proved short lived and price returned above the trend line as well as above 1.5330 and the 50 period Exponential Moving Average. This makes 1.5500 the first destination but recently we saw this level reject price several times so it will provide strong resistance once touched. We expect a bearish bounce at the mentioned level but on the other hand, a break would show the bulls have enough strength to retake overall control.
Fundamental Outlook
The week ahead is busier for the Pound than usual: Monday, Tuesday and Wednesday the Manufacturing PMI, Construction PMI and Services PMI come out respectively, but the most important day is Thursday when the BOE will announce their decision on the interest rate. A monetary Policy Summary is released at the same time, together with a breakdown of the votes and the Inflation Report which will offer BOE’s projections on inflation and economic growth for the next 2 years. Soon after, BOE Governor Mark Carney will hold a press conference, discussing the Inflation Report.
Friday morning the British Manufacturing Production numbers come out and later in the day, NIESR will release a British GDP Estimate. As always, the U.S. announcements made throughout the week (especially the NFP) will have a direct impact on the pair.
