GBP/USD Daily Forecast - 22 March

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Monday, Mar 21 2016

From the UK, yesterday, CBI Industrial Orders Expectations figures were released. According to the latest CBI survey 20% of firms reported total order books to be above normal, and 34% said they were below normal, giving a balance of -14%, in line with market forecasts. This was just above average (-15%), and similar to January (-15%) and February (-17%). Rain Newton-Smith, CBI Director of Economics, said: “March has been a mixed month for the UK’s manufacturers. Whilst total order and export books remained steady, a drop in output reflected some volatility in the food and drink sector. Reassuringly, manufacturers expect a swift turnaround in activity.”

In the US session Existing Home Sales figures were published. Total existing-home sales dropped 7.1 percent to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January, thus missing forecasts on decline to 5.34 million. Despite last month's large decline, sales are still 2.2 percent higher than a year ago. Lawrence Yun, NAR chief economist, says existing sales disappointed in February and failed to keep pace with what had been a strong start to the year.

Focus of tomorrow's session will be on UK CPI and PPI Input figures. Analysts predict increase by 0.4% both in CPI and PPI Input. There will be no data releases in the US session.

Figures to watch:

CPI/PPI Input (Tuesday 10:30)

More in this category: « AUD/USD Daily Forecast - 22 March EUR/USD Daily Forecast - 22 March »

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