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GBP/USD Daily Forecast – 13 June

Monday, Jun 12 2017
GBP/USD Daily Forecast – 13 June

There were no data releases from the UK yesterday, with focus on UK elections results and future Brexit negotiations. After the shock comes the silver lining. Most business leaders are dismayed at the political chaos unleashed by the U.K. election, which left a damaged Prime Minister Theresa May trying to forge a shaky coalition government. But some are quietly hoping that it may lead to softer terms for the country’s exit from the European Union.

U.K. Plc was mostly opposed to May’s hard stance on Brexit, which would mean a loss of tariff-free access to the EU’s single market. Even so, when she called a snap election seven weeks ago, business leaders backed her and poured hundreds of thousands of pounds into her Conservative Party campaign as she gambled on securing a bigger majority to strengthen her negotiating hand. Now a weakened May is trying to form a new government with the backing of Northern Ireland’s Democratic Unionist Party after the Tories fell short of seats to rule alone.

 

Tomorrow's session will bring UK CPI and PPI figures. Analysts predict 2.7% increase in CPI. In the US session PPI data will be published. No change is anticipated.

 

Figures to watch:

 

CPI/PPI (Tuesday 11:00)

PPI (Tuesday 14:30)

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