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GBP/USD Daily Forecast – 07 December

Wednesday, Dec 06 2017
GBP/USD Daily Forecast – 07 December

There were no data releases from the UK yesterday. Overnight the Telegraph and Bloomberg reported that Theresa May is facing a revolt from inside her Cabinet over her plan to keep U.K. regulations aligned with the European Union after Brexit, "a split that threatens to undermine her chances of breaking the deadlock in negotiations." Foreign Secretary Boris Johnson and Environment Secretary Michael Gove "will lead a Cabinet revolt against Theresa May over fears she is forcing a soft Brexit" the Telegraph reported. While this is hardly the first time we’ve heard this sort of speculation, considering the closeness to the EU Council Summit next Thursday/Friday, the clock is ticking for May to come up with a solution.

In the US session ADP job data was published. Private sector employment increased by 190,000 jobs from October to November according to the November ADP National Employment Report. “The labor market continues to grow at a solid pace,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent.”

 

There will be no major data releases from the UK tomorrow. In the US session Unemployment Claims figures will be published. Analysts predict no change.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

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