Money News Overview Wednesday 19th June: A big week in terms of market moving data for the UK

Tuesday is relatively quiet on the economic front, with only one major event scheduled.

Early this morning the UK released the Consumer Price Index report. As expected, inflation has fallen to the 2 percent target set out by the Bank of England.

Markets have reacted positively to this release with the pound gaining ground against both the euro and the dollar.

There is no more economic data of relevance today, so focus will shift to Thursday. The Bank of England will release their Interest rate announcement which is expected to come in unchanged at 5.25 percent.

Investors will be keen to tune into the meeting minutes to see how the Bank of England view this morning’s inflation release.

Following this, Employment figures in the US will be announced, forecasts are projecting a drop in Unemployment Claims week on week to 235k (from 242k).

Towards the back end of the week, we have the UK retail sales whereby markets are predicting strong growth jumping to 1.5 percent (from -2.3 percent).

Purchase Manager Index will also be released on Friday morning, with strong figures being forecasted for the Eurozone.

On the currency front, the pound has continued to hold its highs against the euro, with the pound also showing strength against the dollar.