GBP: is an August interest rate hike on the cards?

Friday was quiet for UK economic data and it was always going to be quiet politically, as MPs are now on their summer break for six weeks. However, the end of last week could be described as the calm before the storm, as this week features some important economic data releases.

Indeed, it is an extremely busy schedule, beginning with Nationwide housing prices for July and mortgage approvals. However, the main highlight of the week is the interest rate decision on Thursday. For the first time in a while, it really is on a knife-edge and impossible to predict which way the Monetary Policy Committee will vote.