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GBP/USD Daily Forecast – 10 January

Tuesday, Jan 09 2018
GBP/USD Daily Forecast – 10 January

From the UK, yesterday, BRC report on retail sales was published. The British Retail Consortium, which represents large chains, said overall spending in the last three months of 2017 rose by a sluggish 1.1 percent, compared with an average annual growth rate of 1.7 percent for 2017 as a whole. “Growth in spending was in line with the average for the year. However, the divergence between growth in sales of food and non-food has never been so stark,” BRC chief executive Helen Dickinson said. Non-food sales fell by 1.4 percent year-on-year in the fourth quarter, the biggest drop since March 2009, while food sales grew by 4.2 percent, the biggest jump since June.

In the US session JOLTS Job Openings data was released. The number of job openings was little changed at 5.9 million on the last business day of November, the  U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little  changed at 5.5 million and 5.2 million, respectively. Within separations, the quits rate was unchanged at  2.2 percent and the layoffs and discharges rate was little changed 1.1 percent. This release includes  estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by  industry and by four geographic regions.

 

As for tomorrow, we would pay attention to UK Industrial Production figures. Analysts expect incline by 0.4%. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

Industrial Production (Wednesday 10:30)

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