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GBP/USD Daily Forecast – 24 January

Tuesday, Jan 23 2018
GBP/USD Daily Forecast – 24 January

From the UK, yesterday,  Public Sector Net Borrowing and CBI Industrial Orders Expectations figures were released. Public sector net borrowing (excluding public sector banks) decreased by £6.6 billion to £50.0 billion in the current financial year-to-date (April 2017 to December 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007. The Office for Budget Responsibility (OBR) forecasts that public sector net borrowing (excluding public sector banks) will be £49.9 billion during the financial year ending March 2018, an increase of £3.9 billion on the outturn net borrowing in the financial year ending March 2017.

According to the latest CBI survey 27% of firms said they were more optimistic about the general business situation than three months ago and 14% were less optimistic, giving a balance of +13% (up from -11% in the three months to October). Optimism about export prospects for the year ahead also improved (+15%) at a quicker pace than the previous quarter (+7%). Rain Newton-Smith, CBI Chief Economist, said: “It’s good to see manufacturing going from strength-to-strength with growth up and the buoyant global economy boosting export orders.''

 

Tomorrow's session will bring UK job figures. Analysts predict no change in unemployment rate and slight increase in number of unemployed. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

Claimant Count Change/Unemployment Rate (Wednesday 10:30)

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