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GBP/USD Daily Forecast – 27 October

Thursday, Oct 26 2017
GBP/USD Daily Forecast – 27 October

Yesterday, from the UK, CBI Realized Sales survey figures were released. Retail sales declined sharply in the year to October, disappointing expectations for a solid expansion, according to the latest monthly CBI Distributive Trades Survey. 15% of retailers said that sales volumes were up in October on a year ago, whilst 50% said they were down, giving a rounded balance of -36%. This significantly undershot expectations (+23%), and was the steepest fall in sales volumes since March 2009 (-44%), during the financial crisis.

In the US session Unemployment Claims data was published. U.S. filings for unemployment benefits rose last week from the lowest level since 1973, consistent with a steady job market, Labor Department figures showed Thursday. Jobless claims increased by 10k to 233k (est. 235k). Continuing claims fell by 3k to 1.89m in week ended Oct. 14, lowest since December 1973 (data reported with one-week lag). Less-volatile four-week average of initial claims declined to 239.5k from 248.5k in prior week.

 

There will be no majordata releases from the U.K tomorrow. In the US session GDP figures will be published. Analysts anticipate 2.6% growth.

 

Figures to watch:

 

Advance GDP (Friday 14:30)

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