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GBP/USD Daily Forecast - 30 December

Monday, Dec 29 2014

There were no data releases from the UK yesterday, however Sterling still remains on the downside as low inflation in the UK has pushed back market expectations of an interest rate rise as far as 2016. Another factor that added to the concerns is that UK unemployment was unchanged at 6.0% in three months to November, while decline to 5.9% was expected. Final GDP reading showed 0.7% growth in third quarter, but BoE is announcing a possible slowdown at the end of the year.

On the other hand Fed exit its quantitative easing programme and its now up to Fed policymakers to decided when interest rate hike will occur. At the moment labour market conditions are most closely watched and are showing signs of constant improvements. In addition to that US GDP grew by 5% in third quarter beating expectations on 4.3% increase.

 

From the UK, tomorrow, only Nationwide HPI data is scheduled for a release. Analysts forecast third consecutive month of incline, this month by 0.3%. In the US part of the session CB Consumer Confidence figures will be released. Increase to 94.6 is anticipated.

 

Figures to watch:

 

Nationwide HPI (Tuesday 8:00)

CB Consumer Confidence (Tuesday 16:00)

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