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GBP/USD Daily Forecast - 09 December

Monday, Dec 08 2014

There were no data releases from the UK yesterday, however, Sterling aimed lower, initially in the session, but managed to rebound. Sterling is still being influenced by NFP figures, released on Friday, that showed much better than forecasted data. This indicates stability on US labour market as well as fall in number of unemployed, which could mean that Fed could be raising its interest rates sooner than expected.

 

Also, BoE released its interest rate decision last week. As it was widely expected interest rate was unchanged. UK economy is also affected by downbeat in Eurozone economy. Despite stability in labour market, there are still concerns on falling inflation and wage prices growth. Furthermore, in May UK parliamentary elections will be held, so we cannot expect that BoE will raise interest rates before third quarter of 2015, which is supported by latest BoE officials statements.With holiday season coming we can expect growth in industrial production and retail sales, so it is likely that sterling will rebound slightly within next few sessions.

 

European part of session, tomorrow, will be marked by UK Industrial and Manufacturing Production figures. Industrial Production is expected to raise by 0.3%, while 0.2% increase in Manufacturing Production is predicted for this month. In the US session, JOLTS Job Openings data is scheduled for a release. A figure of 4.81 million is forecasted.

 

Figures to watch:

 

Industrial Production (Tuesday 10:30)

JOLTS Job Openings (Tuesday 16:00)

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