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GBP/USD Daily Forecast - 31 January

Wednesday, Jan 31 2018
GBP/USD Daily Forecast - 31 January

From the UK, yesterday, Net Lending to Individuals figures were released. Annual growth in secured lending was unchanged at 3.3% in December, with net lending remaining stable at £3.7 billion. Mortgage approvals decreased in December, with falls for both house purchase and remortgaging approvals. House purchase approvals were the weakest since January 2015 and remortgaging approvals fell to 46,475, following strength in October and November. Consumer credit net lending was £1.5 billion in December, broadly in line with outturns during 2017.  The annual growth rate ticked up to 9.5% in December.

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index increased in January, following a decline in December. The Index now stands at 125.4 (1985=100), up from 123.1 in December. The Present Situation Index decreased slightly, from 156.5 to 155.3, while the Expectations Index increased from 100.8 last month to 105.5 this month.

 

There will be no major data releases from the UK tomorrow. In the US session ADP Non-Farm Employment Change figures will be released. Analysts predict incline by 186,000. However, the focus of the session will be on Fed's interest rate decision and the following statement though no changes are anticipated.

 

Figures to watch:

 

ADP Non-Farm Employment Change (Wednesday 14:15)

Federal Funds Rate/FOMC Statement (Wednesday 20:00)

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