Ella 
GBP/JPY was slightly higher on Monday, after a quiet start to the week. UK markets are closed for the holidays and UK order volumes are expected to resume trading at the start of the UK session on Tuesday following the long bank holiday weekend.
The Bank of England (BOE) will announce its latest interest rate decision on Thursday. The Bank of England is widely expected to vote 8-1 to keep interest rates on hold. Swati Dhingra, an external member of the Bank of England, is expected to be the only official who wants the Bank of England to cut interest rates.
BRC same-store retail sales figures for the UK for the month to April will be released early on Tuesday. UK retail sales growth is expected to fall to 1.6% this year from 2.5% previously.
The UK’s gross domestic product (GDP) will also be released this week. The UK’s GDP quarterly rate in the first quarter is expected to rise to 0.4% from -0.3% in the previous quarter.
