The GBP (Pound Sterling) is experiencing volatile movements around the 1.2700 level, with investors eagerly awaiting the release of key Service PMI numbers following better-than-expected Manufacturing PMI data.
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Consumer confidence in the UK improved in June, reaching its highest level since January 2022. The British economy has managed to avoid a predicted recession, as indicated by the GfK Consumer Confidence data.
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The UK's GfK Consumer Confidence rose to -24 in June, reaching its highest level since January 2022, surpassing the previous reading of -27 and market expectations of -26.
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The expectation is widespread that the Bank of England (BoE) will raise its policy rate by 25 basis points (bps) to reach 4.75%.
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Consumer price inflation in the United Kingdom remained steady at 8.7 percent in May 2023, maintaining the same level as the previous month's 13-month low.
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The BoE is expected to raise interest rates by another 25 basis points as the central bank grapples with inflation that is running more than four times its target.
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In April, the UK's Gross Domestic Product (GDP) displayed a growth of 0.2%, rebounding from a previous contraction of -0.3%.
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The Office for National Statistics (ONS) in the United Kingdom has released labor market data for May, surpassing expectations.
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The US Dollar Index (DXY) is anticipated to adopt a cautious stance prior to the release of the US Consumer Price Index (CPI) data, scheduled for Tuesday.
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