There were no major data releases from the UK yesterday. Sterling was pushed towards 1.51 handle, as traders are being cautious ahead of tomorrow's BoE rate decision and following Minutes. Sterling was initially pushed lower on Tuesday after Industrial Production data. To remind ourselves total production output in October 2015 is estimated to have increased by 0.1% compared with September 2015. No change was expected. However, manufacturing output decreased by 0.4% in October 2015 compared with September 2015. The largest contribution to the decrease came from other manufacturing & repair, which decreased by 5.4%.
Thus we’ll look to the release of minutes from the BoE Financial Policy Committee’s November meeting as well as planned public speeches from Governor Mark Carney on December 7th and 11th for clues on the future of UK monetary policy. In the US session Unemployment Claims figures will be released. Decrease to 266,000 is expected.
Figures to watch:
Official Bank Rate/Asset Purchase Facility (Thursday 13:00)
MPC Official Bank Rate Votes (Thursday 13:00)
Unemployment Claims (Thursday 14:30)
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
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