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GBP/USD Daily Forecast – 17 January

Monday, Jan 16 2017
GBP/USD Daily Forecast – 17 January

Focus of the yesterday's session was on Mark Carney's speech. The Bank of England is keeping a close watch on consumer spending amid signs households are dipping into their savings and amassing debts to keep spending in the face of rising inflation. Mark Carney, the Bank governor, said consumer spending had held up since last summer’s vote to leave the EU but he reiterated a warning that living costs were likely to rise on the back of a weak pound and squeeze households’ real incomes.

In a speech setting out the tradeoff the Bank faces between keeping inflation in check and supporting growth and jobs, Carney noted signs that consumers continued to power the UK economy. “At present, households appear to be entirely looking through Brexit-related uncertainties. The saving rate has fallen towards its pre-crisis lows, and consumer borrowing has accelerated notably,” Carney said in a speech to the London School of Economics on Monday.

 

Focus of tomorrow's session will be on UK CPI figures, with analysts anticipating 1.4% increase. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

CPI/PPI (Tuesday 10:30)

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