Outlook for the British pound on Tuesday the 11th of June: Featuring NIESR GDP estimate, UK Industrial Production, RICS House Prices

The British pound sterling (Currency:GBP) was left to the whims of global market moves on Monday; however the outlook for the British pound on Tuesday is more colourful.

At midnight we get insights into the UK housing market as the Royal Institution of Chartered Surveyors (RICS) release their Housing Price Balance survey.

"It shows the strength of the UK housing market, which can be considered as the economy as a whole, as the housing market is sensitive to the business cycle. A high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish)," say Alapari UK.

Consensus forecasts are for a reading of 4 pct - up on last months 1 pct.

At 9:30 we get the UK Industrial Production figures which are likely to attract more attention amongst currency market participants.

The Industrial Production released by the National Statistics measures outputs of the UK factories and mines.

Year-on-year consensus forecasts are for a reading of -0.7 pct, an improvement on last month's -1.7 pct.

Monthly consensus forecasts are for an unchanged reading.

Also due for release at 9:30 from the ONS is the Manufacturing Production number; this is less important for sterling but worth keeping an eye on.

Analysts are expecting a reading of -0.3 pct on a month-to-month basis, year-on-year expectations are at -0.4 pct.

Finally at 3PM the GDP Estimate is released by the National Institute of Economic and Social Research - this is an estimate of growth over the last 3 months up to the report which comes out a month before the official announcement.

"The report is highly reliable and would influence the UK monetary policy. A high reading is seen as positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish)," point out Alpari UK.