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GBP/USD Daily Forecast – 21 June

Wednesday, Jun 21 2017
GBP/USD Daily Forecast – 21 June

Focus of the yesterday's session was on BoE governor Carney's speech on Brexit. Mark Carney ended more than a month of silence with a major speech that pushed back against rate hawks in the Bank of England and re-emphasized his concerns about the impact of Brexit on the economy. The U.K.’s exit from the European Union was a central theme of his address on Tuesday, with the BOE governor highlighting the risks to consumer spending, business investment, the current-account deficit and financial services. He indicated he’s in no rush to raise interest rates, saying he wants to see how the economy responds to the “reality of Brexit negotiations.”

In the US session Current Account figures were released. The U.S. current-account deficit increased to $116.8 billion (preliminary) in the first quarter of 2017 from $114.0 billion (revised) in the fourth quarter of 2016, according to statisticsreleased by the Bureau of Economic Analysis (BEA). The deficit increased to 2.5 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the fourth quarter.

 

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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