GBP/USD Daily Forecast - 13 January

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Monday, Jan 12 2015

Despite small rebound on Friday which was supported by better than expected Manufacturing Production and Trade Balance figures Sterling remains under pressure as recent PMI data showed weaker than forecasted figures, while if it is to believe to analysts we can expect slowdown in GDP growth in fourth quarter, overall.

With all this being the case it is not likely that BoE will raise its interest rates soon, with recent speculations moving possible rate hike data as far as 2016. Falling inflation remains a worrying factor, that is putting of rate hike decision to much later than it was initially forecasted.

On the other hand Fed is currently quite close to its rate hike decision since labour market figures are showing constant improvements and stability, with latest NFP report showing increase of 245,000.

Focus of tomorrow's European part of the session will be on UK CPI and PPI data. CPI is expected to increase by 0.7%, down from 1.0% last month. 0.3% incline is anticipated in PPI. In the US session JOLT Job Openings data will be released. Analysts are forecasting increase by 4.91 million.

Figures to watch:

CPI/PPI (Tuesday 10:30)

JOLTS Job Openings (Tuesday 16:00)

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