British Pound: Gear Up for Economic Releases

British Pound: Gear Up for Economic Releases

The British Pound slipped against the Euro but remained unchanged against the US dollar as the lack of economic data left investors concentrating on election news. The Labour Party suffered their worst defeat, as voters became hesitant about Gordon Brown’s ability to lead the economy out of its current slump. Brown blamed the current economic situation on the US credit crisis and deteriorating housing market, as he vowed to improve the general health of the economy. On the economic front, there were no releases yesterday, but the pace picks up today, as PMI services and Consumer Confidence figures are expected to decline, in light of the global credit crisis. Wednesday we have Industrial Production and Manufacturing Production figures should slip further, which could lead the pound lower. BoE’s rate decision on Thursday should set the tone for end of week’s trading session, as it is largely anticipated that the central bank will keep rates steady.