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GBP/USD Daily Forecast – 18 July

Monday, Jul 17 2017
GBP/USD Daily Forecast – 18 July

Yesterday’s session brought results of Rightmove housing market survey. The UK housing market is shrugging off concerns in the wider economy following the Brexit vote, compounding problems for many first-time buyers still wrestling with the strongest year-on-year price rises in the market. There are more buyers and sellers in the wider market compared with the period around the referendum a year ago, with the number of sales agreed up by 4.6% in June 2017 compared with June 2016, the latest survey by property website Rightmove found.

In the US session Empire State Manufacturing Index data was published. Business activity grew modestly in New York State, according to firms responding to the July 2017 Empire State Manufacturing Survey. The headline general business conditions index fell ten points to 9.8. The new orders index moved down to 13.3, and the shipments index fell to 10.5, suggesting that orders and shipments continued to grow, though at a somewhat slower pace than in June. Delivery times continued to lengthen, and inventory levels were fairly steady.

 

Focus of tomorrow’s session will be on CPI and PPI figures. Analysts predict increase by 2.9% in CPI and 0.8% decline in PPI. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

CPI/PPI (Tuesday 10:30)

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