|07:00||Germany||Factory Orders s.a. (MoM)||December||-4.4%||2%||3.2%|
|09:30||United Kingdom||PMI Construction||January||48.8|| ||48.4|
|10:00||Eurozone||Retail Sales (MoM)||December||1.2%||-2.5%||-2.7%|
|10:00||Eurozone||Retail Sales (YoY)||December||-2.5%||-2.7%||-2.8%|
GBP traded mixed against its major rivals in the European session on Monday as investors cautiously awaited the comments of the Bank of England’s policymakers throughout the week and the UK’s preliminary GDP data on Friday, hoping to get more clues on further policy steps by the BoE.
The member of the BoE’s Monetary Policy Committee (MPC) Catherine Mann stated earlier today that she still thinks that the BoE needs to stay the course with policy tightening and suggested that the next move in the Bank Rate is likely to be” another hike than a cut or hold”.
Later this week, investors will hear from several other BoE officials, including its chief economist Huw Pill, as well as Dave Ramsden, Jon Cunliffe, and Tom Mutton. In addition, the BoE’s governor Andrew Bailey will testify with an annual report before the British Parliament on Thursday.
The UK’s preliminary GDP estimates for the final quarter of 2022 will be released on Friday. Economists expect the release will show the British economy managed to avoid a recession. According to the economists’ forecast, the UK GDP was probably flat q-o-q in the fourth quarter of 2022, following a 0.3% q-o-q contraction in the previous three-month period.