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GBP/USD Daily Forecast – 31 July

Friday, Jul 28 2017
GBP/USD Daily Forecast – 31 July

From the UK, on Friday, Consumer Confidence figures were released. GfK’s long-running Consumer Confidence Index decreased two points to - 12 in July. Four of the five measures decreased this month. Joe Staton, Head of Market Dynamics at GfK, says: “Consumer confidence across the UK has fallen to the level last seen in the immediate aftermath of the Brexit vote. The economic picture across the UK remains confusing and this mood is reflected in the Overall Index Score, which is down by five points. It’s the sharp drop in confidence about the UK’s general economy – both looking back one year and ahead one year – that is driving the fall. While there’s a small bounce in consumer views of personal finance looking ahead, that’s the only measure that’s up.

In the US session GDP data was published. Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent. The Bureau emphasized that the second-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the second quarter, based on more complete data, will be released on August 30, 2017.

 

From the UK, on Monday, Net Lending to Individuals figures will be released. Decline to 4.9 billion pounds is anticipated. In the US session Chicago PMI and Pending Home Sales figures will be released. Chicago PMI is expected to decrease to 60.2, while Pending Home Sales should rise by 1.1%.

 

Figures to watch:

 

Net Lending to Individuals (Monday 10:30)

Chicago PMI (Monday 15:45)

Pending Home Sales (Monday 16:00)

More in this category: « AUD/USD Daily Forecast – 31 July EUR/USD Daily Forecast – 31 July »

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