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GBP/USD Daily Forecast – 08 December

Monday, Dec 07 2015

There were no major data releases from the UK yesterday, with Sterling declining a bit, after last week's recovery due to ECB stanzas. A number of major banks forecast sharp falls for sterling over the next year in their 2016 outlooks this week, Morgan Stanley predicting a fall to $1.40 in a year's time and Deutsche Bank sticking with an earlier forecast of $1.27 for 2016.

A number of major banks are calling for a weakening of the pound over the next year, given risks to growth and investment from tighter fiscal policy and the prelude to a vote on whether Britain should leave the European Union. "It all depends on the BoE from here, whether they want to push back rate hike expectations or continue to express concern about low inflation" said Nawaz Ali, market analyst at Western Union. "But given how stretched positions were in the euro, the single currency still probably has room to move higher."

 

Tuesday's session will bring Industrial Production from the UK. Analysts are predicting no change this month. In the US session JOLTS Job Openings figures are scheduled for a release. Increase by 5.59 million is forecasted.

 

Figures to watch:

 

Industrial Production (Tuesday 10:30)

JOLTS Job Openings (Tuesday 16:00)

Last modified on Monday, 07 December 2015
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