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Thomson Reuters
Apr 13 - 08:36 AM
GBP/USD - COMMENT-UK Data Dump To Test Sterling's Resilience
First appeared on eFXplus on Apr 13 - 05:05 AM

A raft of UK economic data, including inflation numbers, will test sterling bulls' resilience next week.
Earnings and jobs data are due on Tuesday at 0830GMT, with March inflation figures 24 hours later, in a reversal of the prior norm (when inflation statistics were published on Tuesdays and earnings/jobs data Wednesdays).
Annualized earnings growth is forecast at 3.0% versus 2.8% previously, with the ex-bonus number expected at 2.8% from 2.6%.
An earnings beat would be positive for GBP as it would underpin the consensus expectation of a 25bp BoE rate rise next month with scope for a follow-up hike in H2.
Annualized CPI inflation is forecast at 2.7%, unchanged from February.
Sterling could take a knee-jerk hit if CPI comes in below 2.7%, although a GBP-positive silver lining would be a widening of the spread of earnings growth over CPI (assuming no earnings decline).
ONS March retail sales data is due Thursday, with a 0.1% decline on the month forecast.

UK earnings data: Click here

UK inflation data: Click here

UK retail sales data: Click here

Thomson Reuters IFR Markets


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