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GBP/USD Daily Forecast – 17 October

Monday, Oct 16 2017
GBP/USD Daily Forecast – 17 October

From the UK, yesterday, Rightmove HPI figures were released. Second-stepper sellers most likely to find a buyer before Christmas as prices jump 1.1%. New sellers ask higher prices in eight out of ten regions despite sales agreed numbers being down in nine of the ten this month compared to September 2016. Average time to find a buyer is 63 days, so with Christmas 69 days away which sellers have the best odds of festive cheer? Most likely to sell are second-stepper properties, with average time to find a buyer of 60 days, followed by first-time-buyer type properties at 62 days.

 

In the US session Empire State Manufacturing Index data was published. Business activity grew at a robust pace in New York State, according to firms responding to the October 2017 Empire State Manufacturing Survey. The headline general business conditions index climbed six points to 30.2, its highest level in three years. The new orders index came in at 18.0 and the shipments index rose eleven points to 27.5—readings that pointed to ongoing solid gains in orders and shipments. Delivery times were slightly longer, and inventory levels decreased.

 

Focus of tomorrow's session will be on UK CPI and PPI figures. CPI is expected to rise to 3.0%, while PPI should decrease to 1.2%. In the US session Industrial Production figures will be published. Analyst predict 0.4% increase.

 

Figures to watch:

 

CPI/PPI (Tuesday 10:30)

Industrial Production (Tuesday 15:15)

More in this category: « AUD/USD Daily Forecast – 17 October EUR/USD Daily Forecast – 17 October »

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