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GBP/USD Daily Forecast – 21 December

Wednesday, Dec 20 2017
GBP/USD Daily Forecast – 21 December

Yesterday, from the UK, CBI Realized Sales survey results were released. Retail sales rose in the year to December, building further on November’s solid performance, according to the latest monthly CBI Distributive Trades Survey. 37% of retailers said that sales volumes were up in December on a year ago, whilst 17% said they were down, giving a balance of +20%. Growth was slower than expected (+30%), and slightly slower than in November (+26%). Alpesh Paleja, CBI Principal Economist, said: “Retailers have seen decent growth heading into the vital Christmas trading period, although it was weaker than expected. It’s clear that people are stocking up on food for their Christmas lunch, with grocers’ sales driving most of the sales growth seen in December.

In the US session Existing Home Sales data was published. Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors. All major regions except for the West saw a significant hike in sales activity last month. Total existing-home sales, jumped 5.6 percent to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October. After last month’s increase, sales are 3.8 percent higher than a year ago and are at their strongest pace since December 2006 (6.42 million).

 

There will be no major data releases from the UK tomorrow. In the US session Final GDP and Unemployment Claims figures will be published. Analysts predict 3.3% growth in GDP and increase to 232,000 in Unemployment Claims.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

Final GDP (Thursday 14:30)

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