The pound dropped across the board this morning before the PMI Manufacturing release, which is forecasted to decline further in April. An index of UK manufacturing is expected to consolidate to 56.0 in April from 57.1 in March. This would be the lowest reading since October 2010. Also scheduled for today is the CBI Distributive Trades survey for April, with the expectations for the sales volume balance to rise to 16, from 15 in the previous reading. The main even this week will be the Bank of England monthly meeting on Thursday, with the expectations for the policy to remain unchanged. This week will also see the release of the construction and services PMI, BoE lending to individuals data and producer prices release. Expect for the pound to remain in current ranges against the euro as market participants do not see BoE’s policymakers increasing interest rate from record low of 0.5% at May meeting.
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