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GBP/USD Weekly Forecast – 04 December – 08 December

Friday, Dec 01 2017
GBP/USD Weekly Forecast – 04 December – 08 December

Events that marked the week:

Focus of the Tuesday's session was on BoE's Bank Stress Test Results. The UK's seven biggest lenders are all strong enough to cope with a "disorderly" no-deal Brexit, according to a Bank of England assessment. But the Bank said it would consider whether the firms needed to hold billions more capital as an emergency buffer in case such a scenario coincided with a wider global downturn. The Bank's financial policy committee also set out a wishlist of actions required to mitigate the risks to UK financial services posed by the departure from the EU.

From the UK, on Wednesday, Net Lending to Individuals figures were published. Net lending secured on dwellings was broadly unchanged at £3.4 billion in October. Underlying this were increases in gross lending and repayments due to increases in remortgaging activity. Total mortgage approvals increased slightly in October. Within this, remortgaging approvals increased to 51,593, the highest since October 2008. House purchase mortgage approvals fell slightly to 64,575 in October. The annual growth rate of consumer credit was broadly unchanged at 9.6% in October.

 

Friday was marked by UK Manufacturing PMI figures. November saw the UK manufacturing sector move up a gear, with rates of increase in new orders and production among the best registered over the past four years. This tested capacity and encouraged further job creation, with employment rising to the greatest extent since June 2014. The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) rose to 58.2 in November, up from 56.6 in October (originally reported as 56.3), its highest level since August 2013.

 

This week markets will be looking at:

 

Construction PMI (Monday 10:30)

Services PMI (Tuesday 10:30)

Industrial Production (Friday 10:30)

Last modified on Friday, 01 December 2017
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