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GBP/USD Daily Forecast – 29 August

Monday, Aug 28 2017
GBP/USD Daily Forecast – 29 August

There were no data releases from the UK yesterday, with focus on Brexit negotiations. The opposition Labour Party has said it would keep Britain in the European single market and customs union for a transitional period after Brexit, offering an alternative to the government line after months of uncertainty over Labour’s position. The party would seek to maintain the “same basic terms” with the European Union, including the free movement of people, beyond March 2019 when Britain is set to leave the bloc, Labour’s Brexit spokesman Keir Starmer said.

In the US session Goods Trade Balance. An early look at U.S. trade patterns in July points to a wider deficit. The advanced trade gap in goods — services are excluded — widened by nearly 1.8% to $65.1 billion in July, the Commerce Department said Monday. Both exports and imports declined, but exports dropped at a faster pace. Economists surveyed by MarketWatch expected a goods trade deficit of $64.6 billion. The government will release overall trade numbers, including services, for July next week, but the size of the trade deficit is generally tied to changes in exports and imports of goods. Trade patterns involving services rarely change much from month to month.

 

There will be no major data releases from the UK tomorrow. In the US session Consumer Confidence figures will be published. Analysts anticipate decrease to 120.3.

 

Figures to watch:

 

CB Consumer Confidence (Tuesday 16:00)

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