• GBP/JPY claws back recent declines, but early week remains thin.
• UK holiday Monday will see flow return on Tuesday.
• BoE set to give another rate call on Thursday, broadly expected to hold.

GBP/JPY found some room up top on Monday as markets kick off the new trading week on a quiet note. UK markets were shuttered for a holiday, and UK order volumes are expected to return at the outset of the Tuesday UK session after a long bank weekend.

The Bank of England (BoE) brings its latest rate call to the table this week, slated for Thursday. Markets are broadly forecasting that the BoE will vote 8-to-1 to keep rates unchanged. Swati Dhingra, an external member of the BoE, is expected to be the single holdout looking for a rate trim from the BoE.

Early Tuesday, we will see BRC Like-For-Like Retail Sales figures from the UK for the year ended in April. Markets are expecting UK Retail Sales growth for the year to slow to 1.6% from the previous 2.5%.

UK Gross Domestic Product (GDP) are also due this week, and QoQ GDP growth in the UK is expected to rebound to 0.4% in Q1 compared to the previous quarter’s -0.3% decline.