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GBP/USD Daily Forecast – 08 June

Wednesday, Jun 07 2017
GBP/USD Daily Forecast – 08 June

From the UK, yesterday, house prices figures were released. After reaching a recent peak of 10% in March 2016, the annual house price growth has since fallen to 3.3% in May. House prices have again fallen over the past three months. Overall, prices in the three months to May were -0.2% lower than in the preceding three months; the same rate as in April. The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, is likely to support house price levels over the coming months.

In the US session Crude Oil Inventories data was published.  Oil prices dropped Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies rose by 3.3 million barrels for the week ended June 2. The unexpected rise marked the first weekly increase in nine weeks.  The American Petroleum Institute late Tuesday reported a drop of 4.6 million barrels, while analysts polled by S&P Global Platts forecast a fall of 3.5 million barrels. Gasoline stockpiles also climbed by 3.3 million barrels, while distillate stockpiles were up 4.4 million barrels last week, according to the EIA.

 

Focus of tomorrow's session will be on UK parliamentary elections in which tight win by Conservatives is forecasted. In the US session Unemployment Claims figures will be released. Analysts anticipate decrease to 241,000.

 

Figures to watch:

 

Parliamentary Elections (Thursday)

Unemployment Claims (Thursday 14:30)

More in this category: « EUR/USD Daily Forecast – 07 June EUR/USD Daily Forecast – 08 June »

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