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GBP/USD Weekly Forecast – 29 May – 02 June

Saturday, May 27 2017
GBP/USD Weekly Forecast – 29 May – 02 June

Events that marked the week:

Tuesday's session brought UK Public Sector Net Borrowing figures.Britain's budget deficit widened by more than expected at the start of the new financial year as value-added tax revenues flat-lined, reflecting the strain on consumers from rising inflation after the Brexit vote. The deficit in April stood at 10.4 billion pounds in April, up 13.1 percent compared with the same month last year, the Office for National Statistics said, citing figures that exclude state-controlled banks.

There were no data releases from the UK in the rest of the week. The pound was more than 1% lower on Friday after a poll showed the Conservative Party's lead in the general election narrowing substantially. The poll, published by YouGov late on Thursday, showed the Labour Party increasing its projected vote share by five points to 38%, while the Conservatives saw theirs drop to 43%, a fall of one point. While the party still has a solid lead, projections done alongside the poll show that if the results were repeated on June 8, Theresa May's majority in parliament would be reduced to just two seats.

 

This week markets will be looking at:

 

Manufacturing PMI (Thursday 10:30)

Construction PMI (Friday 10:30)

More in this category: « AUD/USD Weekly Forecast – 29 May – 02 June EUR/USD Weekly Forecast – 29 May – 02 June »

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