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GBP/USD Daily Forecast – 10 August

Wednesday, Aug 09 2017
GBP/USD Daily Forecast – 10 August

There were no data releases from the UK yesterday. The Bank of England has warned that the task of regulating the City after Brexit will put a strain on its ability to police the financial sector. Deputy governor Sam Woods also said the Bank’s regulatory arm, the Prudential Regulation Authority, faced “a material risk to its objectives” – which include promoting financial stability – as it deals with the UK’s exit from the EU. Woods warned of a “material extra burden” on the PRA if it had to regulate more financial firms as they made plans to cope with Brexit. “It is incumbent on us to manage this burden but we may have to make some difficult prioritisation decisions in order to accommodate it,” said Woods, chief executive of the PRA.

In the US session Crude Oil figures were released. U.S. crude inventories USOILC=ECI fell 6.5 million barrels last week, government data showed, steeper than the expected decrease of 2.7 million barrels. Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the U.S. Department of Energy started keeping data in 1982. The data showed gasoline stocks USOILG=ECI, rose by 3.4 million barrels, confounding expectations in a Reuters poll for a drop of 1.5 million barrels. Gasoline futures RBc1 fell about 1 percent to the lowest in nearly two weeks.

 

Tomorrow's session will bring UK Industrial Production data. Incline by 0.1% is forecasted. In the US session PPI and Unemployment Claims figures will be published. Analysts anticipate increase by 0.1% in PPI, while Unemployment Claims should remain unchanged at 240,000.

 

Figures to watch:

 

PPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

More in this category: « AUD/USD Daily Forecast – 10 August EUR/USD Daily Forecast – 10 August »

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