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GBP/USD Weekly Forecast – 27 June – 01 July

Saturday, Jun 25 2016

Events that marked the week:

From the UK, on Tuesday, Public Sector Net Borrowing figures were released. Public sector net borrowing (excluding public sector banks) decreased by £16.7 billion to £74.9 billion in the complete financial year ending March 2016 (April 2015 to March 2016), compared with the previous financial year. This £74.9 billion represents a £0.9 billion increase to the initial estimate of the complete financial year borrowing published in the March 2016 statistical bulletin. Public sector net borrowing (excluding public sector banks) increased by £0.2 billion to £17.9 billion in the current financial year-to-date (April to May 2016) compared with the same period in 2015.

Friday and the whole week was marked by UK EU Membership referendum results. The U.K. has voted by a substantial margin to leave the European Union in a landmark referendum. The out campaign secured the victory, with the Leave side winning 52% of the vote, against 48% to remain. Scotland and London voted overwhelmingly for remain, but Wales and the U.K. outside London voted for Brexit.

 

The referendum turnout was 72%, with more than 30 million people voting. British Prime Minister David Cameron was expected to make a statement calling for stability and unity following the shock result. UKIP leader Nigel Farage said the Leave campaign had won a victory for "real people", and said 23 June should go down as "Independence Day".

 

This week markets will be looking at:

 

Net Lending to Individuals (Wednesday 10:30)

Current Account (Thursday 10:30)

Manufacturing PMI (Friday 10:30)

More in this category: « AUD/USD Weekly Forecast – 27 June – 01 July EUR/USD Weekly Forecast – 27 June – 01 July »

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