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GBP/USD Daily Forecast - 08 February

Wednesday, Feb 07 2018
GBP/USD Daily Forecast - 08 February

From the UK, yesterday, house prices figures were released. Annual house price rises have slowed from 2.7% in December to 2.2% in January - the lowest rate since July last year. We've seen a monthly decline as well as the quarterly rate of growthflattening out. Although employment levels grew by 102,000 in the three months to November, household finances are still under pressure as consumer prices continue to grow faster than wages.  Additionally, it’s still too early to see any impact for first-time buyers from the abolition of stamp duty on purchases of up to £300,000, which was announced in the November Budget.

In the US session Crude Oil Inventories figures were published. Oil prices turned lower Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose 1.9 million barrels for the week ended Feb. 2. Analysts surveyed by S&P Global Platts had forecast a climb of 2.8 million barrels, but the American Petroleum Institute on Tuesday reported a decline of 1.1 million barrels, according to sources. Gasoline stockpiles climbed by 3.4 million barrels for the week, while distillate stockpiles also rose 3.9 million barrels, according to the EIA.

 

Tomorrow's session will bring BoE Inflation Report and BoE's interest rate decision, which should bring a lot of volatility though no change is expected. In the US session Unemployment Claims figures will be published. Analysts expect increase to 236,000.

 

Figures to watch:

 

BOE Inflation Report (Thursday 13:00)

Official Bank Rate/Monetary Policy Statement (Thursday 13:00)

Unemployment Claims (Thursday 14:30)

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