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GBP/USD Weekly Forecast – 12 December – 16 December

Saturday, Dec 10 2016
GBP/USD Weekly Forecast – 12 December – 16 December

Events that marked the week:

Monday brought UK Services PMI data. The rate of expansion of total activity accelerated further to the strongest since January. Employment growth picked up to the fastest since April, partly fuelled by the sharpest build-up of outstanding work since July 2015. The strength of long-term business sentiment weakened for the first time since July, however, attributed to ongoing political uncertainty and inflationary pressures. The Index remained above 50.0 for the fourth consecutive month in November, indicating a continued recovery in growth following a contraction in July linked to the EU referendum. Moreover, the Index rose to 55.2, from 54.5, signalling the fastest expansion since January. The rate of growth was broadly in line with the 20-year long-run survey average.

Focus of the Wednesday's session was on UK Industrial Production data. In October 2016, total production is estimated to have decreased by 1.3% compared with September 2016. Mining and quarrying provided the largest downward pressure, due to ongoing maintenance reducing production in the oil and gas extraction industry. You should note that we always warn against overly interpreting 1 month’s figures. Manufacturing decreased by 0.9% on the month to October 2016, following an increase of 0.6% in the previous month. The decreases were broad-based across the sector, with the largest downward pressure coming from pharmaceuticals, which fell by 3.6%.

 

This week markets will be looking at:

 

CPI/PPI (Tuesday 10:30)

Claimant Count Change/Unemployment Rate (Wednesday 10:30)

Retail Sales (Thursday 10:30)

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

More in this category: « AUD/USD Weekly Forecast – 12 December – 16 December EUR/USD Weekly Forecast – 12 December – 16 December »

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