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GBP/USD Daily Forecast - 23 January

Thursday, Jan 22 2015

Thursday's session was marked by Public Sector Net Borrowing and CBI Industrial Orders Expectations figures. Public sector borrowing (the difference between spending and income) was £12.5 billion in December 2014, below expected balance of £9.2 billion. This additional borrowing needed to balance the public sector’s accounts means that between April and December 2014 the public sector borrowed £86.3 billion, a fall of £0.1 billion compared with the same period last year, as illustrated above. Between April and December 2014 central government’s income was £438.8 billion.

CBI Industrial Orders Expectations data for January showed that total order books among manufacturers remained strong (balance of +4%) while export order books weakened (-20%). However, analysts were forecasting a balance of +6%.

 

In the US session Unemployment Claims data way released. In the week ending January 17, the advance figure for seasonally adjusted initial claims was 307,000, a decrease of 10,000 from the previous week's revised level. Analysts were anticipating decrease to 301,000. The previous week's level was revised up by 1,000 from 316,000 to 317,000. The 4-week moving average was 306,500, an increase of 6,500 from the previous week's revised average.

 

From the UK, tomorrow, Retail Sales data will be released. Analysts are predicting 0.6% decline. In the US session Existing Home Sales figures are scheduled for a release. Figure of around 5.08 million is forecasted.

 

Figures to watch:

 

Retail Sales (Friday 10:30)

Existing Home Sales (Friday 16:00)

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