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GBP/USD Daily Forecast – 14 January

Wednesday, Jan 13 2016

There were no data releases from the UK yesterday. Traders are hoping for some clues from the MPC vote and monetary statement from the BoE tomorrow as for a rate increase later in 2016 or 2017. The pound has fallen as expectations for when the Bank of England will start raising interest rates have been pushed back to 2017. Investors had previously bet rates would rise in the second half of this year, following the U.S. Federal Reserve, which last month hiked rates for the first time since 2006.

In the US session Crude Oil Inventories figures were published. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.2 million barrels from the previous week. Analysts were anticipating increase by 1.9 billion barrels. At 482.6 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories increased by 8.4 million barrels last week, and are above the upper limit of the average range.

 

Focus of tomorrow's session will be on BoE Meeting Minutes as it was already mentioned. In the US session Unemployment Claims figures are scheduled for a release. Analysts are anticipating decrease to 275,000.

 

Figures to watch:

 

Monetary Policy Summary (Thursday 13:00)

Unemployment Claims (Thursday 14:30)

More in this category: « AUD/USD Daily Forecast – 14 January EUR/USD Daily Forecast – 14 January »

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