The UK economic calendar is completely devoid of any market moving data this week other than the final first quarter GDP numbers and the current account balance expected on Friday.
Fluctuations in EUR/GBP and the GBP/USD have been kept to a minimum as a result but things should pick tomorrow with the CBI distributive trades report due in the morning and the FOMC rate decision expected in the afternoon. The outlook for the UK economy is still murky. Although no one can forget about the surprisingly strong retail sales numbers on Friday, BBA home loans continue to fall, reflecting the vulnerability of the UK housing market and the overall economy. Earlier this week, Rightmove reported a 1.2 percent drop in house prices this month. The continual erosion in housing market wealth should prevent significant gains in consumer spending in the coming months.