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GBP/USD Daily Forecast - 29 March

Monday, Mar 28 2016

There were no data releases from the UK on Monday with banks being closed in observance of Easter Monday holiday with Pound going higher, but Brexit remains in focus. The campaign for Britain to leave the EU has been backed by 250 business leaders including the former chief executive of HSBC, the Vote Leave group said on Saturday, hoping to counter the view that UK businesses back staying in the bloc. The camps arguing for and against Britain staying in the European Union ahead of a referendum on British membership on June 23 have both made the economic impact of a 'Brexit' a cornerstone of their campaigns. Meanwhile, the Times newspaper reported that hedge funds were planning to use exit polls to make big profits on the day of the referendum.

In the US session Existing Home Sales figures were published. The Pending Home Sales Index rose 3.5% to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7% above February 2015 (108.3). Analysts were anticipating 1.2% increase. Although the index has now increased year-over-year for 18 consecutive months, last month's annual gain was the smallest. Lawrence Yun, NAR chief economist, says pending sales made promising strides in February, rising to the highest index reading since last July (109.8).

 

There will be no data releases from the UK on Tuesday. In the US session CB Consumer Confidence figures will be published. Analysts forecast increase to 93.9.

 

Figures to watch:

 

CB Consumer Confidence (Tuesday 15:00)

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