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GBP/USD Daily Forecast – 26 July

Tuesday, Jul 25 2017
GBP/USD Daily Forecast – 26 July

Yesterday's session brought CBI Industrial Orders Expectations data from the UK. Production among UK manufacturers grew at the fastest pace since January 1995 in the three months to July, according to the latest quarterly CBI Industrial Trends Survey. The survey of 397 manufacturers also found that employee headcount increased at the fastest rate for three years and that hiring intentions for the coming quarter also improved. Optimism rose marginally in the three months to July, while export optimism for the year ahead rose at a slower, but still healthy pace. Growth in total orders moderated in line with expectations, but remained robust.

 

In the US session CB Consumer Confidence figures were published. Consumer confidence rose in July to the second highest level in 16 years as Americans shrugged off all the drama in President Trump’s Washington and took heart in the best labor market in a decade. The Conference Board said its consumer confidence index rose to 121.1 this month from 117.3 in June. The increase exceeded the 116.9 forecast of economists polled by MarketWatch.

 

From the UK tomorrow, Prelim GDP figures will be published. Growth by 0.3% is anticipated. In the US session focus will be on FOMC interest rate decision and the following statement though analysts do not expect any changes.

 

Figures to watch:

 

Prelim GDP (Wednesday 10:30)

Federal Funds Rate/FOMC Statement (Wednesday 20:00)

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