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GBP/USD Daily Forecast – 25 January

Wednesday, Jan 25 2017
GBP/USD Daily Forecast – 25 January

Focus of the yesterday's session was on UK Supreme Court ruling. As widely expected, the UK Supreme Court ruled that Parliament approval is needed to trigger Article 50 start the divorce proceedings with the EU.  The Court decided by an 8-3 majority that a bill needs to be submitted to both chambers, but that the approval of the regional assemblies (e.g. Scotland, Northern Ireland) is not necessary. A bill is more onerous than a motion in that not only are both chambers involved, but amendments can be added that further condition.

 

In the US session Existing Home Sales figures were released. Sales of previously-owned homes dipped in December, as increasingly tight inventory and higher prices began to stifle the housing market. Existing-home sales ran at a seasonally-adjusted annual pace of 5.49 million, the National Association of Realtors said Tuesday. That was down 2.8% from an upwardly-revised November, which marked a nine-year high, but only 0.7% higher than a year ago. Economists surveyed by MarketWatch had forecast a rate of 5.51 million.

 

There will be no major data releases both from the UK and USA tomorrow, so we can expect a bit steadier session.

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