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GBP/USD Weekly Forecast – 03 April – 07 April

Saturday, Apr 01 2017
GBP/USD Weekly Forecast – 03 April – 07 April

Events that marked the week:

Wednesday brought Net Lending to Individuals figures. Lending secured on dwellings rose by £3.5 billion in February, similar to the flows in recent months. Approvals of loans secured on dwellings fell slightly in February. This was the first decline since August 2016, but at 125,622 they remain above the recent six-month average. The net flow of consumer credit was £1.4 billion in February. The twelve-month growth rate remained at 10.5%.

However, the focus of the Wednesday's session was on Brexit, as Theresa May has triggered Article 50, and with that a two-year period of negotiations with EU has started. This of course added to additional uncertainty for British pound at this moment. On the other hand, Scottish Parliament has voted for the Second referendum on Scottish independence, adding additional pressure on British government.

 

Friday was marked by UK Current Account figures. The UK’s current account deficit was £12.1 billion in Quarter 4 (Oct to Dec) 2016, a narrowing of £13.6 billion from a revised deficit of £25.7 billion in Quarter 3 2016, due predominantly to a sharp narrowing in the deficit on Trade; the deficit in Quarter 4 equated to 2.4% of gross domestic product (GDP) at current market prices, down from 5.3% in Quarter 3.

 

This week markets will be looking at:

Manufacturing PMI (Monday 10:30)

Construction PMI (Tuesday 10:30)

Services PMI (Wednesday 10:30)

Industrial Production (Friday 10:30)

More in this category: « AUD/USD Weekly Forecast – 03 April – 07 April AUD/USD Weekly Forecast – 10 April – 14 April »

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