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GBP/USD Daily Forecast - 20 January

Monday, Jan 19 2015

It was a steadier Monday's session for Sterling as there were no data releases from the UK. Though, slowdown in British economy is obvious, and BoE is forecasting slower GDP growth in fourth quarter, all figures show that UK is still in a phase of expansion, unlike Eurozone. However, since UK is part of EU, slowdown in Eurozone economy could have negative impact on UK as well, at least in trading activity.

After last week's data showed falling trend in inflation with only 0.5% increase, Sterling had mixed reactions to that. However, BoE expect that inflation will turn to negative, but sees benefits in it in the form of incline in consumer spending. While BoE governor Mark Carney pointed out that falling oil prices will hurt the Scottish economy, he noted that the UK as a whole will benefit.

 

Tomorrow, there will be no data releases from the UK, so we can expect a steadier European part of the session. In the US session only NAHB Housing Market Index will be released. Analysts are predicting incline to 58 points.

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