Sterling fell for a fourth day, on track for it’s longest losing streak since the U.K.’s Referendum, as markets braced for the start of the Bank of England’s expanded monetary easing programme. The Pound also felt the impact of Friday’s robust payrolls data from the US, as the Dollar was stronger against other major currencies.
The US Dollar is benefiting from renewed hopes of a rate hike from the Federal Reserve, following the release on Friday of stronger-than-expected employment figures for the month of July. The Dollar rose against the yen and Euro on Monday, as the strong nonfarm payrolls report lifted confidence in the US economy.
Oil prices jumped nearly 3 percent, extending recent gains, as speculation grew that OPEC would try to restrain output. This came after oversupply worries had pressured the market to three-month lows last week.
09:30 – GBP : Industrial Production (YoY June) – forecast to increase by 1.6%
09:30 – GBP : Manufacturing Production (YoY June) – forecast to increase by 1.3%