Despite the hints about QE expansion, it will not be performed in short-term. According to the BoE minutes released, all nine members of the Committee on monetary policy voted for the interest rate to be left at the level of 0.5% and the bond purchase volume at 375 bn pounds.
At 12:30 (GMT +3) we are waiting for retail sales with auto fuel for August. Forecast – 0.4% against 0.3% in June. Retail sales excluding auto fuel is expected to hit -0.4% against 0.0% in July.
At 14:00 CBI industrial order expectation is due for September. The analysts anticipate the index to hold -14 against -21 in August.
Taking into account that the negative retail sales statistics has already been offset by the Olympics, the British pound will probably follow the euro growth.
Technical targets for growth: 1.6298, 1.6317.
