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GBP/USD Daily Forecast – 19 October

Wednesday, Oct 18 2017
GBP/USD Daily Forecast – 19 October

Focus of yesterday's session was on UK job data. There were 32.10 million people in work, 94,000 more than for March to May 2017 and 317,000 more than for a year earlier. The employment rate (the proportion of people aged from 16 to 64 who were in work) was 75.1%, up from 74.5% for a year earlier. There were 1.44 million unemployed people (people not in work but seeking and available to work), 52,000 fewer than for March to May 2017 and 215,000 fewer than for a year earlier. The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 5.0% for a year earlier and the joint lowest since 1975.

In the US session Building Permits and Housing Starts figures were released. U.S. homebuilding fell to a one-year low in September as Hurricanes Harvey and Irma disrupted the construction of single-family homes in the South, suggesting housing probably remained a drag on economic growth in the third quarter. Housing starts decreased 4.7 percent to a seasonally adjusted annual rate of 1.127 million units last month, the Commerce Department said. That was the lowest level since September 2016 and marked the third monthly decline in starts. Building permits fell 4.5 percent to a rate of 1.215 million units in September.

 

Focus of tomorrow's session will be on UK Retail Sales report. Decline by 0.1% is anticipated. In the US session Unemployment Claims and Philly Fed Manufacturing Index figures will be released. Analyst expect decrease to 243,00 in Unemployment Claims and fall to 21.9 in Philly Fed Manufacturing Index.

 

Figures to watch:

 

Retail Sales (Thursday 10:30)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 14:30)

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