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GBP/USD Daily Forecast – 24 August

Wednesday, Aug 23 2017
GBP/USD Daily Forecast – 24 August

There were no data releases from the UK yesterday. The U.K. economy may be even in worse shape than it looks. That’s the message from UBS AG, which says it’s headed for near-stagnation. Economists led by Pierre Lafourcade at Switzerland’s largest bank said their new model strips out volatility in data to show growth has “softened substantially since the beginning of the year” and is headed “close to zero in the near future.” While Purchasing Managers Indexes plunged immediately following the result of the Brexit referendum in June 2016 but then recovered, the UBS economists say their hard-data indicator has turned down more recently.

 

In the US session New Home Sales figures were released. Sales of new single-family houses in July 2017 were at a seasonally adjusted annual rate of 571,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.4 percent below the revised June rate of 630,000 and is 8.9 percent below the July 2016 estimate of 627,000. The median sales price of new houses sold in July 2017 was $313,700. The average sales price was $371,200. The seasonally-adjusted estimate of new houses for sale at the end of July was 276,000. This represents a supply of 5.8 months at the current sales rate.

 

Tomorrow's session will bring UK Second Estimate GDP. Rise by 0.3% is anticipated. In the US session Unemployment Claims and Existing Home Sales figures will be published. Analysts predict increase in Unemployment Claims to 237,000, while Existing Home Sales should come to an annual rate of 5,55 million.

 

Figures to watch:

 

Second Estimate GDP (Thursday 10:30)

Unemployment Claims (Thursday 14:30)

Existing Home Sales (Thursday 16:00)

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