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The Cable is tacking onto Friday's selloff backed by a pop in sell-side volume. Friday's weakness came on the heels of worse than expected British HPI data along with disappointing U.S. pricing and spending numbers. The EUR/GBP has been hit heavily recently, making today's pop in the currency pair and present relative weakness in the Pound warranted. The Cable is adding onto its losses today after a Bloomberg report signaled that many analysts expect the BoE to increase its QE package by 50 billion at its upcoming monetary policy meeting. Britain's recent negative Prelim GDP number sent shockwaves throughout the FX market, and analysts are expecting the BoE to react by loosening liquidity further. However, investors should keep in mind that we have seen some encouraging data from Britain lately, including today's impressive Manufacturing PMI number. Hence, positive results from tomorrow's Halifax HPI and Wednesday's Services PMI data points could change the present bearish tone. The Services PMI number should carry the most weight of the two releases since services comprise roughly 70% of Britain' GDP. The last release thoroughly trounced expectations, and analysts are expecting the indicator to remain around a respectable 55.4 level.
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