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GBP/USD Daily Forecast - 26 December

Wednesday, Dec 24 2014

Sterling managed to break on the upside during the yesterday's session, though there were no data releases from the UK. However, Sterling still remains on the downside, as it it is quite uncertain when BoE will raise its interest rates. At the moment we cannot expect that this will happen before the third quarter of 2015 as the beginning of the year will be marked by deflation concerns with inflation increasing by only 1.0% last month, but also with parliamentary elections that are scheduled for May.

In the US session Unemployment Claims figures were released. In the week ending December 20, the advance figure for seasonally adjusted initial claims was 280,000, a decrease of 9,000 from the previous week's unrevised level of 289,000. Analysts were anticipating increase to 291,000.The 4-week moving average was 290,250, a decrease of 8,500 from the previous week's unrevised average of 298,750. 

 

Tomorrow's session should be quite uneventful as it is Boxing Day, UK banks will be closed in observance of it and there will be no data releases both from the UK and USA.

Last modified on Thursday, 25 December 2014
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