British Pound Weekly Outlook: The Top 10 GBP related events Nov 15-19

ForexNewsNow | Published on November 12, 2010 at 7:14 pm

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GBP UK bank forex trading fx newsNEW YORK (Forex News Now) – The team at FNN has compiled a list of the top ten events that are most likely to affect the British Pound over the course of the week of November 15th through the 19th.

All times are given in GMT.

  1. Rightmove Housing Price Index: Monday, Nov. 15th, Midnight – The Rightmove Housing Price Index will announce its monthly number to kick off the week. This price index tracks the housing prices in the UK, and can signal the amount of inflation in the Kingdom. Estimates are for a reading of 3%.
  2. Consumer Price Index: Tuesday, Nov. 16th, 9:30 a.m. – The year-over-year Consumer Price Index number will be coming out of the UK, and as such, are closely watched by traders for signs of inflation, which can drive future central bank policy. The reading is simply a measure of a “basket of goods” that the average Briton might buy in common purchases. Estimates are set for 3.1% this time.
  3. Core Consumer Price Index: Tuesday, Nov. 16th, 9:30 a.m. – The core number of the CPI will come out at the same time, which excludes the volatile mix of alcohol, tobacco, and other markets like energy and food. This is said to smooth out the readings. Estimates for this year-over-year number are set for a release of 2.7% this time.
  4. Claimant Count Change: Wednesday, Nov. 17th, 9:30 a.m. – The change in people claiming unemployment is the meat of the matter in this release. Currently there is an expectation of a gain of 5,500 more Britons filing unemployment for this number which entails last month.
  5. MPC Meeting Minutes: Wednesday, Nov. 17th, 9:30 a.m. – The Monetary Policy Committee will release its minutes of the last interest rate decision at this time. While this announcement doesn’t change the past, it can show if more or less members are becoming concerned about either raising or lowering rates. An expected reading of 1-0-8 is expected, where as the 1 is the number of members wanting to raise rates, and 8 is the amount of members wanting to keep rates where they are.
  6. Unemployment Rate: Wednesday, Nov. 17th, 9:30 a.m. – This number will measure the total work force that is unemployed last month, yet looking for work in the U.K. over the last 3 months. The expected rate is set at 7.7% this time around.
  7. Public Sector Net Borrowing: Thursday, Nov. 18th: 9:30 a.m. – This announcement involves the measure of difference between spending and income for public corporations, the central government of Britain, and the local British governments for the previous month. The estimate is slated for 9.0 Billion.
  8. Retail Sales, Thursday, Nov. 18th: 9:30 a.m. – The Retail Sales announcement will measure the value of sales in the U.K. over the last month, showing either strength or weakness in the economy. Estimates are for a gain of 0.5% this time.
  9. Preliminary Mortgage Approvals, Thursday, Nov. 18th: 9:30 a.m. – This is the first peek at the housing market’s health in the U.K. from the financing side. A strong reading shows that the market may be picking up. The current estimate for this reading is to see 49,000 mortgage approvals over the course of last month.
  10. Preliminary M4 Money Supply, Thursday, Nov. 18th: 9:30 a.m. – This report measures the total amount of British Pounds in circulation and in deposits in banking institutions. An expanding money supply would indicate the potential for dilution, which is bad for the currency. Conversely, if the supply is shrinking, it should follow that demand may pick up, driving the value up. Estimates for this number are set for a 0.2% gain.



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