As of 08:30 GMT, UK mortgage approvals will retreat to 50.5 thousands in Sep. from 52.4 thousands in Aug., according to median estimates, where the U.S. will release Chicago Purchasing Manager at 13:45 GMT which is predicted to retreat to 59.0 in October form 60.4 a month earlier.
Once again, attention will probably come back to fundamentals as after the European debt deal struck last week the main focus will be on shoring up economies amid the sluggish global growth.
This week, the main highlight will be on the infamous jobs report from the US as it will give an update regarding the status of the labor sector, after September’s report had shown better-than-expected reading. Yet, before the release of the jobs report eyes will be growth figures from the United Kingdom.
If the data released this week showed improvement, the pair is predicted to continue its upside direction.
However, the outlook for the British economy remains clouded with uncertainty as last week BoE policymaker Martin Weale said there is a possibility that the economy could witness contraction in the fourth quarter, while Paul Fisher said there is a high probability the U.K. could experience another recession and the BoE may add further to stimulus after the current round is completed.
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