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GBP/USD Weekly Forecast – 29 January – 02 February

Friday, Jan 26 2018
GBP/USD Weekly Forecast – 29 January – 02 February

Events that marked the week:

From the UK, on Tuesday,  Public Sector Net Borrowing and CBI Industrial Orders Expectations figures were released. Public sector net borrowing (excluding public sector banks) decreased by £6.6 billion to £50.0 billion in the current financial year-to-date (April 2017 to December 2017), compared with the same period in 2016; this is the lowest year-to-date net borrowing since 2007. The Office for Budget Responsibility (OBR) forecasts that public sector net borrowing (excluding public sector banks) will be £49.9 billion during the financial year ending March 2018, an increase of £3.9 billion on the outturn net borrowing in the financial year ending March 2017.

Focus of the Wednesday's session was on UK job figures. There were 32.21 million people in work, 102,000 more than for June to August 2017 and 415,000 more than for a year earlier. The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.  Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.5% including bonuses and by 2.4% excluding bonuses, compared with a year earlier.

 

Focus of the Friday's session was on UK GDP figures. UK gross domestic product (GDP) was estimated to have increased by 0.5% in Quarter 4 (Oct to Dec) 2017, compared with 0.4% in Quarter 3 (July to Sept) 2017. The dominant services sector, driven by business services and finance, increased by 0.6% compared with the previous quarter, although the longer-term trend continues to show a weakening in services growth. Production industries grew by 0.6%, boosted by the second consecutive quarter of strong growth in manufacturing.

 

This week markets will be looking at:

 

Manufacturing PMI (Thursday 10:30)

Construction PMI (Friday 10:30)

More in this category: « EUR/USD Weekly Forecast – 08 January – 12 January EUR/USD Weekly Forecast – 29 January – 02 February »

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