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GBP/USD Weekly Forecast - 16 February - 20 February

Friday, Feb 13 2015

Events that marked the week:

Tuesday brought UK Industrial Production data. The seasonally adjusted index of production increased by 0.1% between Q3 2014 and Q4 2014, above the forecasted decrease of 0.1% included in the GDP preliminary estimate, however, this was below market consensus on 0.3% increase. This reflects increases of 0.2% in manufacturing, also below expectations on 0.3% incline, 0.5% in mining & quarrying and 0.5% in the water supply, sewerage & waste management sector.

Sterling was pushed higher, on Thursday, after Bank of England in its Inflation Report said it expects stronger growth on the back of lower oil prices. However, it sees little need to raise interest rates this year and could even cut them if inflation proves weaker than expected, new forecasts showed on Thursday.

 

BoE Governor Mark Carney said he expected inflation to fall below zero in the coming months due to weak oil, but stressed that this by itself did not mean that the economy had entered deflation. Inflation would hit the Bank's 2 percent target in about two years' time, the Bank said, sooner than it forecast three months ago.

 

This week markets will be looking at:

 

CPI/PPI (Tuesday 10:30)

Average Earnings Index/ Claimant Count Change (Wednesday 10:30)

MPC Official Bank Rate Votes/ MPC Asset Purchase Facility Votes (Wednesday 10:30)

CBI Industrial Order Expectations (Thursday 12:00)

Retail Sales (Friday 10:30)

Public Sector Net Borrowing (Friday 10:30)

More in this category: « EUR/USD Weekly Forecast - 16 February - 20 February AUD/USD Weekly Forecast - 16 February - 20 February »

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