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GBP/USD Weekly Forecast - 31 October – 04 November

Friday, Oct 28 2016
GBP/USD Weekly Forecast - 31 October – 04 November

Events that marked the week:

On Wednesday BBA Mortgage Approvals figures were published.  According to the latest BBA report UK Mortgage Approvals rose by 38,300. Dr Rebecca Harding, BBA Chief Economist, said: “Consumer credit is growing at its fastest rate since December 2006, driven by strong demand for personal loans and credit cards. Consumers are increasingly using short-term borrowing to take advantage of record low interest rates. This trend has accelerated since the Bank of England cut rates in August.“

Focus of the Thursday's session was on UK GDP figures. GDP was estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2016 compared with growth of 0.7% in Quarter 2 (Apr to June) 2016. GDP was 2.3% higher in Quarter 3 2016 compared with the same quarter a year ago. This is the first release of GDP covering a full quarter of data following the EU referendum. The pattern of growth continues to be broadly unaffected following the EU referendum with a strong performance in the services industries offsetting falls in other industrial groups.

 

This week markets will be looking at:

 

Manufacturing PMI (Tuesday 11:30)

Construction PMI (Wednesday 11:30)

Services PMI (Thursday 11:30)

Official Bank Rate/Monetary Policy Summary/BOE Inflation Report (Thursday 14:00)

More in this category: « AUD/USD Weekly Forecast - 31 October – 04 November EUR/USD Weekly Forecast - 31 October – 04 November »

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