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GBP/USD Daily Forecast – 28 November

Monday, Nov 27 2017
GBP/USD Daily Forecast – 28 November

There were no major data releases from the UK on Monday.  The British government launched a new strategy for industry on Monday, aiming to intervene in key sectors to tackle weak productivity and bolster businesses to counter any new problems caused by Brexit. The government said on Monday that it had secured a major investment from global healthcare company MSD, known as Merck & Co in the United States, ahead of the publication of the strategy. Life sciences is one of four sectors being targeted by the government, which will also focus on construction, artificial intelligence and the automotive industry. Business Minister Greg Clark said Britain has some of the world's best universities and research institutions, as well as leading companies in sectors ranging from advanced manufacturing to financial services, life sciences and creative industries.

In the US session New Home Sales figures were released. Sales of new single-family houses in October 2017 were at a seasonally adjusted annual rate of 685,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.2 percent  above the revised September rate of 645,000 and is 18.7 percent above the October 2016 estimate of 577,000. The median sales price of new houses sold in October 2017 was $312,800. The average sales price was $400,200. The seasonally-adjusted estimate of new houses for sale at the end of October was 282,000. This represents a supply of 4.9 months at the current sales rate.

 

Focus of tomorrow's session will be on Bank Stress Test Results. In the US session CB Consumer Confidence data will be published. Decline to 123.9 is anticipated.

 

Figures to watch:

 

Bank Stress Test Results (Tuesday 08:00)

CB Consumer Confidence (Tuesday 16:00)

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