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GBP/USD Weekly Forecast – 25 December – 29 December

Saturday, Dec 23 2017
GBP/USD Weekly Forecast – 25 December – 29 December

Events that marked the week:

Thursday's session brought Public Sector Net Borrowing data from the UK: Public sector net borrowing (excluding public sector banks) decreased by £3.1 billion to £48.1 billion in the current financial year-to-date (April 2017 to November 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007. Public sector net borrowing (excluding public sector banks) decreased by £0.2 billion to £8.7 billion in November 2017, compared with November 2016; this is the lowest November net borrowing since 2007.

Friday's session was marked by UK Current Account and Final GDP figures. The UK’s current account deficit was £22.8 billion (4.5% of gross domestic product) in Quarter 3 (July to Sept) 2017, a narrowing of £3.0 billion from a revised deficit of £25.8 billion (5.1% of gross domestic product) in Quarter 2 (Apr to June) 2017. The narrowing in the current account deficit was driven by a narrowing of the deficits on primary income by £1.8 billion, secondary income by £1.0 billion and total trade by £0.3 billion in Quarter 3 2017.

 

UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.4% between Quarter 2 (Apr to June) and Quarter 3 (July to Sept) 2017, unrevised from the second estimate of GDP. Services remained the strongest contributor to growth in the output approach to GDP in Quarter 3 2017, with production also providing a positive contribution.

 

There will be no data releases from the UK next week.

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