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GBP/USD Daily Forecast – 01 November

Tuesday, Oct 31 2017
GBP/USD Daily Forecast – 01 November

Yesterday, from the UK, Consumer Confidence data was published. GfK’s long-running Consumer Confidence Index slipped by one point to -10 in October. Both measures for the General Economic Situation decreased, while the measure for Personal Financial Situation over the last 12 months and the Major Purchase Index increased. The score for Personal Financial situation over the next 12 months stayed the same. Joe Staton, Head of Market Dynamics at GfK, says: “It’s no surprise that the Overall Index Score continues to bump along in negative territory this month. As concerns about the wider economic prospects for the UK economy dampen our outlook, consumers are showing no real ‘get-up-and-go’.''

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index®, which had improved marginally in September (an upward revision), increased again in October. The Index now stands at 125.9 (1985=100), up from 120.6 in September. The Present Situation Index increased from 146.9 to 151.1, while the Expectations Index rose from 103.0 last month to 109.1. "Consumer confidence increased to its highest level in almost 17 years (Dec. 2000, 128.6) in October after remaining relatively flat in September," said Lynn Franco, Director of Economic Indicators at The Conference Board.

 

Tomorrow's session will bring UK Manufacturing PMI figures. No significant change is expected. In the US session ADP job and Manufacturing PMI figures will be released. Number of employed should increase to 191,000, while Manufacturing PMI should decline to 59.4. However, the focus of the session will be on Fed's interest rate decision and the following statement.

 

Figures to watch:

 

Manufacturing PMI (Wednesday 10:30)

ADP Non-Farm Employment Change (Wednesday 13:15)

ISM Manufacturing PMI (Wednesday 15:00)

Federal Funds Rate/FOMC Statement (Wednesday 19:00)

More in this category: « AUD/USD Daily Forecast – 01 November EUR/USD Daily Forecast – 01 November »

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