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GBP/USD Daily Forecast – 24 October

Monday, Oct 23 2017
GBP/USD Daily Forecast – 24 October

Yesterday, from the UK, CBI Industrial Orders Expectations figures were published. Growth in manufacturing activity softened in the three months to October, according to the CBI quarterly Industrial Trends Survey. The survey of 399 firms also found that optimism about business conditions fell, for the first time in a year. While sentiment about export prospects continued to rise, it did so at a slower pace. Growth in output, domestic orders and export orders also eased, though remained above their respective long-run averages.

Investment intentions for the year ahead deteriorated, with spending plans for buildings at their lowest since July 2009. Expectations for spending on new equipment also weakened. Plans for investment in training and innovation remained much firmer by comparison. 12% of firms said they were more optimistic about the general business situation than three months ago and 24% were less optimistic, giving a balance of -11% (down from +5% in the three months to July). Optimism about export prospects for the year ahead grew (+7%), albeit at a slightly slower pace than the previous quarter (+13%).

 

There will be no major data releases both from the UK and USA tomorrow, so we expect a bit steadier session. 

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