It’s another light week in terms of U.K. economic data!
Will this mean a mixed performance for pound pairs like we saw last week? Or are there other potential catalysts to look out for?
Here’s a list of potential market-movers you need to pay attention to:
Final PMI readings (starting June 1, 9:30 am GMT)
- Markit is set to print the final May PMI readings for the manufacturing, services, and construction sectors
- Manufacturing PMI could be upgraded from 40.6 to 40.7
- Services PMI eyeing a revision from 27.8 to 27.9
- Construction PMI might climb from 8.2 in April to 30.0 in May
- Readings below 50.0 signal industry contraction, above 50.0 reflect expansion
- Brexit issues are drawing market attention once more, especially since the top nations of the eurozone are looking into a region-wide Recovery Plan
- EU leaders continue to push for post-Brexit trade deal negotiations
- Both parties can still lobby for an extension until next month, possibly reducing the risk of a “no deal” situation
- Stochastic paints a mixed picture for pound pairs.
- GBP/JPY, GBP/USD, and EUR/GBP are looking bearish in the overbought region while GBP/AUD and GBP/NZD are in oversold territory.
- The rest of the GBP pairs are in neutral territory, although GBP/CAD also seems to be hovering close to the oversold region as well.
- Short-term trend strength analysis suggests that GBP/JPY, GBP/USD, and EUR/GBP are on very bullish grounds.
Missed last week’s price action? Read GBP’s price recap for May 25-29!
TABLE OF CONTENTS (click the following links and read again).