GBP/USD Weekly Forecast - 05 January - 09 January

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Friday, Jan 02 2015

Events that marked the week:

Tuesday brought Nationwide house price data from the UK. UK house prices rose by 0.2% in December, missing market expectations on incline by 0.3%. Annual house price growth slowed for the fourth month in a row to 7.2% from 8.5% in November. House prices increased by 7.2% over the course of 2014, after rising by 8.4% in 2013.

From the UK, on Friday, Manufacturing PMI and Net Lending to Individuals figures were released. UK Manufacturing PMI edged lower to 52.5 in December, down from 53.3 in both October and November, missing forecasts on incline to 53.7.The average PMI reading over the final quarter as a whole (53.0) was only slightly below that in the prior quarter (53.1), but nonetheless the weakest growth outcome in a year-and-a-half.

Separate report on Net lending to individuals showed increase by £3.3 billion in November, beating market expectations on £2.6 billion increase, and compared to the average monthly increase of £3.0 billion over the previous six months. The three-month annualised and twelve-month growth rates were both 2.4%.

This week markets will be looking at:

Construction PMI (Monday 10:30)

Services PMI (Tuesday 10:30)

Official Bank Rate/Asset Purchase Facility (Thursday 13:00)

Industrial Production/Manufacturing Production (Friday 10:30)

Trade Balance (Friday 10:30)

More in this category: « AUD/USD Weekly Forecast - 05 January - 09 January EUR/USD Weekly Forecast - 05 January - 09 January »

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