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GBP/USD Daily Forecast - 26 January

Friday, Jan 23 2015

Focus of the Friday's session was on UK Retail Sales figures. On the month, the quantity bought increased by 0.4% compared with November 2014 following an increase in November of 1.6%. This was better than expected decrease by 0.6%. Some stores experienced better sales in November 2014 as a result of ‘Black Friday’ which may have reduced sales in December 2014.

In the US session Existing Home Sales and Manufacturing PMI data was released. Existing Home Sales rose 2.4% to a seasonally adjusted annual rate of 5.04 million in December from a downwardly-revised 4.92 million in November. Analysts were expecting a rate of 5.08 million. From a year ago, December sales were higher by 3.5% and are now above year-over-year levels for the third straight month.

 

Separate report on Manufacturing PMI also missed market expectations on an increase to 54.1 and decreased to 53.7 points in January. Slower new business growth was a key factor weighing on the overall performance of the U.S. manufacturing sector in January.

 

Monday's session will bring BBA Mortgage Approvals figures. Analysts are hoping for an increase after five consecutive months of decline. There will be no data release in the US session.

 

Figures to watch:

 

BBA Mortgage Approvals (Monday 10:30)

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