With the US holiday on Monday there is a case to be made that Tuesday is the start of the week.

This via Barclays on the week ahead for GBP, the major events coming up:

  • UK data should be neutral for GBP this week.
  • We expect the employment report (Wednesday) to remain largely unchanged and the unemployment rate to move sideways at 4.3% for the sixth consecutive month. Wages are also expected to print largely in line, with total pay increasing 2.5% 3m/y and core AWE increasing 2.3% 3m/y.
  • Elsewhere, we expect GDP to be confirmed at 0.5% q/q (Thursday), assuming the Index of Services remains in line with recent trends (ie, +0.1% m/m). We forecast the expenditure breakdown to show slower consumption growth (+0.1% q/q) but a pickup in capex (+0.3% q/q). Monthly trade data point toward a sizeable negative contribution of net exports (-0.6pp) but this will likely be offset by positive inventories.
  • Elsewhere, BoE Governor Mark Carney, Deputy Governor Ben Broadbent, Chief Economist Andy Haldane, and Monetary Policy Committee member Silvana Tenreyro will testify to Parliament's Treasury Committee on the Inflation Report. With markets already pricing about 40bp of tightening in 2018, any misalignment in views will likely be taken as less hawkish by markets. We think particular emphasis should be placed on MPC views on FX pass-through to inflation. We continue to forecast just one 25bp BoE rate hike, in August.

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(Note, on

BoE Governor Mark Carney, Deputy Governor Ben Broadbent, Chief Economist Andy Haldane, and Monetary Policy Committee member Silvana Tenreyro will testify to Parliament's Treasury Committee on the Inflation Report

This is scheduled for Wednesday 21st, from 1415 gmt)GMT)