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GBP/USD Weekly Forecast – 13 November – 17 November

Saturday, Nov 11 2017
GBP/USD Weekly Forecast – 13 November – 17 November

Events that marked the week:

There were no major data releases from the UK during the initial part of the week. British employers are having to raise their pay offers in the face of growing recruitment problems, two surveys showed on Wednesday, following a fall in the number of European Union workers since the Brexit vote. Stronger pay growth would ease a big problem for Britain's economy -- wages lagging inflation -- and could add to the case for further interest rates hikes by the Bank of England, which last week raised rates for the first time since 2007. The Recruitment and Employment Confederation said its monthly survey showed starting salaries rose in October at the second-quickest rate since November 2015. "

Focus of the Friday's session was on UK Industrial Production data. In September 2017, total production was estimated to have increased by 0.7% compared with August 2017, due mainly to a rise of 0.7% in manufacturing, with the largest upward contribution from machinery and equipment not elsewhere classified and smaller increases from a range of other industries. Total production output for September 2017 compared with September 2016 increased by 2.5%, with manufacturing providing the largest upward contribution, increasing by 2.7%; this was supported by rises in the other three main sectors.

 

This week markets will be looking at:

 

CPI/PPI (Tuesday 10:30)

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

Retail Sales (Thursday 14:30)

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