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GBP/USD Daily Forecast – 26 January

Wednesday, Jan 25 2017
GBP/USD Daily Forecast – 26 January

Yesterday's session brought only CBI Industrial Orders Expectations data. UK manufacturers are more optimistic about their business situation and exporting prospects, while reporting strong growth in domestic orders over the previous quarter, according to the latest quarterly CBI Industrial Trends Survey. 37% of businesses reported an increase in total orders, and 21% a decrease, giving a balance of +16% The survey of 461 manufacturers reveals that the volume of domestic orders rose at the fastest pace since July 2014 in the three months to January, while export orders continued to grow, but below expectations. Headcount edged higher having dipped for the first time in more than six years in the last quarter.

In the US session Crude Oil Inventories figures were published. Oil futures extended losses on Wednesday after the U.S. Energy Information Administration reported an increase of 2.8 million barrels in domestic crude-oil supplies for the week ended Jan. 20. The American Petroleum Institute late Tuesday reported a rise of 2.9 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 1.9 million barrels.

 

Focus of tomorrow's session will be on UK GDP data. Analysts predict 0.5% growth. In the US session, Unemployment Claims and New Home Sales figures are scheduled for a release. Unemployment Claims are expected to increase to 247,000, while New Home Sales should decline to 585,000.

 

Figures to watch:

 

Prelim GDP (Thursday 10:30)

Unemployment Claims (Thursday 14:30)

New Home Sales (Thursday 14:30)

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