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GBP/USD Daily Forecast – 20 December

Tuesday, Dec 19 2017
GBP/USD Daily Forecast – 20 December

There were no data releases from the UK yesterday with focus on Brexit once again. 18-months on from the referendum, some polls show the "Remain" camp has moved into the lead.  This is understandable, as the "Brexit" camp oversold the benefits and minimized the costs, which are becoming clearer as the divorce talks proceed. Cameron made the referendum binding, and although May deviated from several of his initiatives, she could not bring herself (or the country) to do re-think the results of the referendum.  The EU (and others) can rightly be surprised that the UK would make such a momentous decision on the basis of such a narrow vote. 

In the US session Building Permits and Housing Starts data was published. Groundbreaking on single-family homes proceeded in November at the strongest pace in a decade, driving U.S. housing starts to a faster-than-estimated rate, government figures showed Tuesday. Residential starts rose 3.3% to 1.3m annualized rate (est. 1.25m) after 1.26m pace in prior month (revised from 1.29m). Single-family starts jumped 5.3% to 930,000, highest since Sept. 2007; South and West regions also were 10-year highs. Permits, a proxy for future construction of all types of homes, fell 1.4% to 1.3m rate (est. 1.27m) from 1.32m pace; single-family permits in U.S. and South both highest since Aug. 2007.

 

There will be no major data releases from the UK yesterday. In the US session Existing Home Sales figures. Increase to 5.53 million is anticipated.

 

Figures to watch:

 

Existing Home Sales (Wednesday 16:00)

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