The GBPUSD turned out to be one of the stronger currencies in yesterdays trading session. It closed the US session just a few pips above the 1.5100 handle, around 100 pips from its Asian session open price.
There is a bunch of data to watch out for today, so be on your toes.
The UK’s consumer price index kicks the party off at 5:30 pm GMT. The expectation is that prices increased by 3.1% in February, slightly lower than the previous month’s 3.5% rise. Meanwhile, the core version of the report that excludes the prices of volatile items such as food and energy is predicted to show a climb of 3.0% in prices.
Keep a close eye on the actual results of the report because the BOE said earlier today that inflation could tick down a couple of notches as economic conditions remain weak. Low inflation would give the BOE more reason to keep interest rates accommodative at 0.50%.
Also released at the same time is the BBA mortgage approvals report. It is predicted show that 34,300 mortgages were approved in February, down the 35,100 from the previous month. Generally speaking, rising mortgages reflect how financially stable consumers are because people need to first be financially qualified to take out mortgages.
Lastly, at 11:00 am GMT, the CBI Distributive Trades survey is due. The consensus is a reading of 18 for this month, up from February’s 23. A reading above base line zero means that the sales volume of retailers and wholesalers are growing.