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GBP/USD Daily Forecast – 22 November

Tuesday, Nov 21 2017
GBP/USD Daily Forecast – 22 November

Yesterday, from the UK, Public Sector Net Borrowing data was released. Public sector net borrowing (excluding public sector banks) decreased by £4.1 billion to £38.5 billion in the current financial year-to-date (April 2017 to October 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007. Public sector net borrowing (excluding public sector banks) increased by £0.5 billion to £8.0 billion in October 2017, compared with October 2016. The Office for Budget Responsibility (OBR) forecast that public sector net borrowing (excluding public sector banks) will be £58.3 billion during the financial year ending March 2018, an increase of £12.5 billion on the outturn net borrowing in the financial year ending March 2017.

In the US session Existing Home Sales figures were released. Total existing-home sales which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago. Lawrence Yun, NAR chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions.

 

Focus of tomorrow's session will be on Autumn Forecast Statement. In the US session Durable Goods Orders and Unemployment Claims figures will be published. Unemployment Claims are expected to decrease to 241,000, while Durable Goods Orders should increase by 0.4%.

 

Figures to watch:

 

Autumn Forecast Statement (Wednesday 13:30)

Unemployment Claims (Wednesday 14:30)

Durable Goods Orders (Wednesday 14:30)

More in this category: « AUD/USD Daily Forecast – 22 November EUR/USD Daily Forecast – 22 November »

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