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GBP/USD Daily Forecast – 25 January

Wednesday, Jan 24 2018
GBP/USD Daily Forecast – 25 January

Focus of the yesterday's session was on UK job figures. There were 32.21 million people in work, 102,000 more than for June to August 2017 and 415,000 more than for a year earlier. The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.  Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.5% including bonuses and by 2.4% excluding bonuses, compared with a year earlier.

In the US session Existing Home Sales data was published. Existing home sales declined 3.6 percent to a seasonally adjusted annual rate of 5.57 million units last month amid decreases in all four regions. Unseasonably cold weather probably accounted for some of the weakness as sales in the Northeast and Midwest fell sharply. November’s sales pace was revised down to 5.78 million units, still the highest level since February 2007. Economists polled by Reuters had forecast home sales falling 2.2 percent to a 5.70 million-unit rate in December from a previously reported 5.81 million-unit pace in November.

 

There will be no major data releases from the UK tomorrow. In the US session Unemployment Claims figures will be published. Analysts predict incline to 239,000.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

More in this category: « AUD/USD Daily Forecast – 25 January EUR/USD Daily Forecast – 25 January »

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