- Tuesday, 21 November 2017
- Daily Fundamental Analysis
GBP/USD Daily Forecast – 22 November
Yesterday, from the UK, Public Sector Net Borrowing data was released. Public sector net borrowing (excluding public sector banks) decreased by £4.1 billion to £38.5 billion in the current financial year-to-date (April 2017 to October 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) increased by £0.5 billion to £8.0 billion in October 2017, compared with October 2016. The Office for Budget Responsibility (OBR) forecast that public sector net borrowing (excluding public sector banks) will be £58.3 billion during the financial year ending March 2018, an increase of £12.5 billion on the outturn net borrowing in the financial year ending March 2017.
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- Tuesday, 21 November 2017
- Daily Fundamental Analysis
AUD/USD Daily Forecast – 22 November
Focus of the yesterday's session was on RBA Meeting Minutes. The Australian Dollar following the release of typically cautious monetary-policy meeting minutes from the Reserve Bank of Australia. The RBA left the Official Cash Rate alone on November 7, at its record low of 1.50%. The minutes flesh out the statement made at the time and the central bank again took the chance to worry about the damaging effects of too much currency strength on the prospects for both growth and inflation. This is a common lament from the RBA, however. It also worried about what it said was “considerable uncertainty” as to if, and when, subdued wage pressures might lift, while warning that consumption growth was likely to have been lower in the year’s third quarter.
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- Tuesday, 21 November 2017
- Daily Fundamental Analysis
EUR/USD Daily Forecast – 21 November
From Eurozone, yesterday, German PPI figures were released. In October 2017 the index of producer prices for industrial products rose by 2.7% compared with the corresponding month of the preceding year. In September 2017 the annual rate of change all over had been 3.1%, as reported by the Federal Statistical Office (Destatis). Compared with the preceding month September 2017 the overall index rose by 0.3% in October 2017 (+0.3% in September and +0.2% in August).
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- Tuesday, 21 November 2017
- Daily Fundamental Analysis
GBP/USD Daily Forecast – 21 November
There were no data releases from the UK yesterday. Chancellor Philip Hammond will this week deliver his first ever Autumn Budget against a backdrop of slowing economic growth, continued uncertainty about the form Brexit will take, and a government that is so fragile it could collapse any minute. Hammond, who is by nature a conservative chancellor, would almost certainly not have announced any fireworks or some sort of spending bonanza even during strong and stable times, but these three prongs make anything exciting even less likely. Hammond is also likely to be hamstrung by new forecasts from the Office for Budget Responsibility, the independent body, which holds the government to account on matters of spending.
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