The Bank of England will release its monetary policy summary and announce the interest rate on September 19, at 14:00 MT time.
US Nonfarm Payrolls
US nonfarm payrolls are one of the most important economic indicators. A change in the number of employed people affects the consumer spending volume and as a result, expresses the economic health. That’s why the market always pays a high attention to this data.
The US labor market figure will be out at 15:30 MT time on August 3. Notice that it is not the only release that will come out at this time. It will be accompanied by the publication of Average Hourly Earnings and Unemployment Rate. As for average earnings, the higher is its growth, the better for the USD. The situation is opposite to the unemployment rate. The USD strengthens when the unemployment rate declines.
The feature of the indicator is that it’s very difficult to forecast the actual data. As a result, NFP always causes high volatility in the market.
• If the data is greater than the forecast, the USD will rise.
• If the data is weaker than the forecast, the USD will go down.
Check the economic calendar
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.