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GBP/USD Daily Forecast – 09 November

Wednesday, Nov 08 2017
GBP/USD Daily Forecast – 09 November

There were no major data releases from the UK yesterday. British employers are having to raise their pay offers in the face of growing recruitment problems, two surveys showed on Wednesday, following a fall in the number of European Union workers since the Brexit vote. Stronger pay growth would ease a big problem for Britain's economy -- wages lagging inflation -- and could add to the case for further interest rates hikes by the Bank of England, which last week raised rates for the first time since 2007. The Recruitment and Employment Confederation said its monthly survey showed starting salaries rose in October at the second-quickest rate since November 2015. "

In the US session Crude Oil Inventories data was published. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.2 million barrels from the previous week. At 457.1 millionbarrels, U.S. crude oil inventories are in the upper half of the average range for this timeof year. Total motor gasoline inventories decreased 3.3 million barrels last week, and arein the lower half of the average range. Finished gasoline inventories increased, but blending components inventories decreased last week.

 

There will be no major data releases from the UK tomorrow. In the US session Unemployment Claims figures will be published. Analysts predict increase to 232,000.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

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