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GBP/USD Weekly Forecast – 30 October – 03 November

Friday, Oct 27 2017
GBP/USD Weekly Forecast – 30 October – 03 November

Events that marked the week:

Wednesday's session brought UK GDP figures. UK gross domestic product (GDP) was estimated to have increased by 0.4% in Quarter 3 (July to Sept) 2017, a similar rate of growth to the previous two quarters. Services increased by 0.4%, the same rate as Quarter 2 (Apr to June) 2017 and remains the largest contributor to GDP growth, with a strong performance in computer programming, motor trades and retail trade. Manufacturing returned to growth after a weak Quarter 2 2017, increasing by 1.0% in Quarter 3 2017. Construction has contracted for the second quarter in a row, although the industry still remains well above its pre-downturn peak.

On Thursday, from the UK, CBI Realized Sales survey figures were released. Retail sales declined sharply in the year to October, disappointing expectations for a solid expansion, according to the latest monthly CBI Distributive Trades Survey. 15% of retailers said that sales volumes were up in October on a year ago, whilst 50% said they were down, giving a rounded balance of -36%. This significantly undershot expectations (+23%), and was the steepest fall in sales volumes since March 2009 (-44%), during the financial crisis.

 

This week markets will be looking at:

 

Manufacturing PMI (Wednesday 10:30)

Construction PMI (Thursday 10:30)

Offical Bank Rate/Monetary Policy Summary/BoE Inflation Report (Thursday 13:00)

Services PMI (Friday 10:30)

More in this category: « AUD/USD Weekly Forecast – 30 October – 03 November EUR/USD Weekly Forecast – 30 October – 03 November »

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