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GBP/USD Daily Forecast – 28 June

Tuesday, Jun 27 2017
GBP/USD Daily Forecast – 28 June

Focus of yesterday's session was on BoE's Financial Stability Report. The Bank of England is preparing itself for the worst when it comes to Brexit. Mark Carney said on Tuesday that the central bank is putting contingencies in place for the possibility that Britain drops out of the European Union without any deal in just under two years time. Speaking after the bank released its twice-annual Financial Stability Report, Carney told reporters that the bank is - sensibly enough - making plans for all possible Brexit scenarios "however unlikely" to ensure it is as prepared as it can be for the country's departure from the EU, and the impact it may have on financial stability.

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index, which had decreased in May, increased moderately in June. The Index now stands at 118.9 (1985=100), up from 117.6 in May. The Present Situation Index increased from 140.6 to 146.3, while the Expectations Index declined from 102.3 last month to 100.6. The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was June 15.

 

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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