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GBP/USD Daily Forecast - 31 March

Wednesday, Mar 30 2016

There were no data releases from the UK yesterday. The Bank of England said on Tuesday that risks around Britain's referendum on the European Union could push up borrowing costs and weaken sterling, and tightened rules for mortgage lending to landlords.The central bank said the outlook for financial stability had worsened since its last quarterly report in November, and also moved ahead with plans to require some banks to hold extra capital as lending growth started to pick up. "The outlook for financial stability in the United Kingdom has deteriorated," the BoE's Financial Policy Committee said. "Domestic risks have been supplemented by risks around the EU referendum," it added.

In the US session ADP Employment Change figures were released. Private sector employment increased by 200,000 jobs from February to March according to the March ADP National Employment Report. Increase by 193,000. "The Trade, Transportation and Utilities sector had its best month of employment gains since last June,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Steady employment growth and accelerating wage growth in the workforce appear to be benefitting the Trade segment in particular.”

 

Tomorrow's session will bring UK Current Account and Net Lending to Individuals data. Current Account deficit should widen to 21.1 billion pounds, while Net Lending to Individuals is expected to decline to 5.1 billion pounds. In the US session Unemployment Claims and Chicago PMI figures will be published. Analysts forecast increase to 266,00 in Unemployment Claims and incline to 50.5 in Chicago PMI.

 

Figures to watch:

 

Current Account (Thursday 10:30)

Net Lending to Individuals (Thursday 10:30)

Unemployment Claims (Thursday 13:30)

Chicago PMI (Thursday 14:45)

Last modified on Wednesday, 30 March 2016
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