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GBP/USD Daily Forecast – 10 November

Thursday, Nov 09 2017
GBP/USD Daily Forecast – 10 November

Yesterday, RICS published their house price survey. The UK housing market continued to "stutter" in October with demand from buyers and agreed sales declining further, while price falls are now widely-reported in London, according to RICS' monthly UK residential market survey. The survey of chartered surveyors found interest from buyers continued to decline over October, with 20% more respondents seeing a fall in new buyer enquiries over the month. Agreed sales were also reported to have fallen, with 20% more respondents noting a decline in transactions over the month at the national level.

In the US session Unemployment Claims data was published. In the week ending November 4, the advance figure for seasonally adjusted initial claims was 239,000, an increase of 10,000 from the previous week's unrevised level of 229,000. The 4-week moving average was 231,250, a decrease of 1,250 from the previous week's unrevised average of 232,500. This is the lowest level for this average since March 31, 1973 when it was 227,750. Claims taking procedures continue to be severely disrupted in the Virgin Islands. The ability to take claims has improved in Puerto Rico and they are now processing backlogged claims.

 

Focus of tomorrow's session will be on UK Industrial Production figures. Analysts predict increase by 0.3%. There will be no major data releases from in the US session.

 

Figures to watch:

 

Industrial Production (Friday 10:30)

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