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GBP/USD Daily Forecast – 09 March

Tuesday, Mar 08 2016

There were no data releases from the UK yesterday, but the focus was on boE Governor Carney testimony at the UK Treasury Committee. Bank of England (BoE) governor Mark Carney reiterated that the British central bank would not make a recommendation on the referendum scheduled for June 23 that would decide if the U.K. remains in the European Union (EU) or decides to leave the group, commonly referred to as “Brexit”, but that he would ensure actions to mitigate any short-term effects to financial stability.

Testifying in front of the U.K. Treasury Committee on the topic of economic and financial costs and benefits of membership in the EU, Carney insisted on Tuesday that his institution would not take a position on the Brexit issue or make any type of recommendation for the vote. The BoE governor did note however that at EU deal could improve stability of the banking union which he insisted would definitely help financial stability in the U.K. On a similar note, BoE deputy governor Jon Cunliffe said that the EU renegotiation deal was significant and that parties recognized the need to separate non-euro zone countries from those belonging to the monetary union.

 

From the UK tomorrow, Industrial Production figures are scheduled for a release. Analysts are forecasting increase by 0.6%. There will be no data releases from the USA.

 

Figures to watch:

 

Industrial Production (Wednesday 10:30)

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