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GBP/USD Daily Forecast – 12 July

Tuesday, Jul 11 2017
GBP/USD Daily Forecast – 12 July

There were no data releases from the UK yesterday, so focus still remains on Brexit. Ben Broadbent, the Bank of England's deputy governor for monetary policy, and of its most important policymakers, summed up in one sentence the risks to the economy posed by Brexit. Speaking on a regional visit to the Scottish city of Aberdeen, Broadbent argued that should Brexit lead to a "significant curtailment" of Britain and the EU's trading relationship, both parties would see significant damage. Britain, however, would be much worse off.

In the US session JOLTS Job Openings figures were released.The number of job openings  decreased to 5.7 million on the last business day of May, the U.S. Bureau  of Labor Statistics reported today. Over the month, hires increased to 5.5 million and separations increased to 5.3 million. Within separations, the quits rate was little changed at 2.2 percent and the layoffs and discharges rate was unchanged at 1.1 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions.

 

Tomorrow's session will being UK job figures. Unemployment Rate is expected to remain unchanged at 4.6%, while number of unemployed should raise to 10,500. US session will be marked by Janet Yellen's testimony on the Semiannual Monetary Policy Report before the House Financial Services Committee.

 

Figures to watch:

 

Claimant Count Change/Unemployment Rate (Wednesday 10:30)

Fed Chair Yellen Testifies (Wednesday 16:00)

Last modified on Tuesday, 11 July 2017
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