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GBP/USD Daily Forecast – 26 October

Wednesday, Oct 25 2017
GBP/USD Daily Forecast – 26 October

Yesterday's session brought UK GDP figures. UK gross domestic product (GDP) was estimated to have increased by 0.4% in Quarter 3 (July to Sept) 2017, a similar rate of growth to the previous two quarters. Services increased by 0.4%, the same rate as Quarter 2 (Apr to June) 2017 and remains the largest contributor to GDP growth, with a strong performance in computer programming, motor trades and retail trade. Manufacturing returned to growth after a weak Quarter 2 2017, increasing by 1.0% in Quarter 3 2017. Construction has contracted for the second quarter in a row, although the industry still remains well above its pre-downturn peak.

In the US session Durable Goods Orders data was published. U.S. orders for business equipment increased more than forecast in September, indicating solid investment momentum as the third quarter drew to a close, Commerce Department figures showed Wednesday. Non-military capital goods orders excluding aircraft climbed 1.3% (est. 0.3% gain) for a third straight month. Shipments of those goods, which are used to calculate gross domestic product, rose 0.7% (est. 0.1% gain) after a revised 1.2% advance. Bookings for all durable goods jumped 2.2% (est. 1% advance) following 2% increase. Excluding transportation-equipment demand, which is volatile, orders rose 0.7% for a second month.

 

There will be no major data releases from the UK tomorrow. In the US session Unemployment Claims figures will be released. Analysts forecast increase to 235,000.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

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