The outlook for the pound sterling for the first week of June

The data-heavy week kicks off at 9:28 AM on Monday the 3rd of June with the Manufacturing PMI data release.

Consensus forecasts are for a reading of 50.1; an improvement on last month's reading of 49.8.

Any surprises either side will impact sterling - a consensus reading is unlikely to influence currency markets.

"As the manufacturing sector dominates a large part of total GDP, the Manufacturing PMI is an important indicator of business conditions and the overall economic condition in UK," say Alpari.

On Tuesday, at 00:01 we have the release of June's British Retail Consortium (BRC) Retail Sales Monitor.

Then we get the Halifax House Price Index release at 8AM - investors are forecasting an increase of 2.5 pct, up from 2 pct.

However - the event of the day is the PMI Construction release; analysts are expecting 49.6, slightly up 49.4.

Wednesday brings with it the biggest data release of the week - the all-important Services PMI release.

Analysts are expecting 53.2, up from 52.9.

On Thursday we hear from the Bank of England - however we are not expecting any major earthquakes for sterling as the new Bank of England Governor Carney will most likely not rock the boat at his first meeting.

Finally, on Friday we get the latest trade balance data.

Economists are forecasting a reading of negative 3BN ie. imports exceed exports to the tune of 3BN GBP. Last month the reading came in at 3.13 BN.