This week markets will be looking at:
CPI/PPI (Tuesday 10:30)
Claimant Count Change/Unemployment Rate (Wednesday 10:30)
Retail Sales (Thursday 10:30)
GBP/USD Weekly Forecast - 17 October – 21 October
Events that marked the week:
There were no major data releases from the UK last week. Brexit means Brexit, Theresa May says, but a London court this week will decide whether it’s up to her to decide when the U.K. leaves the European Union. The prime minister’s most senior legal adviser, Attorney General Jeremy Wright, will attempt to convince a judge that May can trigger Article 50 of the Lisbon Treaty, which starts an exit, without approval from her fellow lawmakers. Failure would force the issue into the House of Commons and the House of Lords, both of which were largely pro-EU. The lawsuit, which has hearings scheduled for Oct. 13 and 17, could delay the exit for a year, or lead to its derailment altogether.
From the UK, on Friday, only a minor importance Construction Output data was published. Following a revised increase in July 2016 of 0.5%, construction output decreased in August 2016 by 1.5%. You should note that we always warn against overly interpreting one month’s figures. All new work, and repair and maintenance reported decreases, falling by 1.4% and 1.5% respectively, with the largest downwards contribution in all new work coming from infrastructure. The underlying pattern as suggested by the 3 month on 3 month movement in output in the construction industry decreased by 1.3%.
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