Published yesterday Bank of England Meeting Minutes revealed stable outlook of the bond buying programme; three members voted for increasing of programme, while six were against. Now the pound may decline amid the expectations of new stage in easing, yesterday's drop of pound tells about it, it fell 160 points against 97 points on the euro.
Today at 12:30 GMT+4 UK Retail Sales in May are published, forecast 0.8% vs. -1.3% in April. At 14:00 GMT+4 UK Factory Orders in June is revealed, forecast -15 vs. -20 in May. Strong data on the US is expected in terms of Flash Manufacturing PMI and Existing Home Sales in May (5.01 million vs. 4.97 million in April). However, data on Initial Jobless Claims in the US may be worse than expected and on Leading Index in May (0.2% vs. 0.6% in April). The pace of decline depends on published today data, technically, we expect consolidation of the rate 1.5406, confluence of trend line and the level of Fibonacci 38.2% on the H4.
