It was a mixed day for sterling yesterday as it made gains against a weak US dollar but made losses against the euro. There was further negative news for the UK housing sector as, according to Rightmove, the summer holiday season has impacted annualised house prices. Their house price index showed that the average price of property fell by 0.9% this month. It was said that Brexit uncertainty has led to a depreciation in house prices.
In the meantime, we expect renewed interest in the dollar ahead of the Jackson Hole Symposium, where central bankers, finance ministers, academics, and financial market participants from around the world meet to discuss and debate global policy. The meetings are closed to the press but the information is publicly discussed by officials.
It is fairly quiet today on the economic data front, with only the public sector borrowing figures and CBI industrial orders due for release. The big figure for the UK this week will be on Thursday when the second reading of GDP is released.