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GBP/USD Daily Forecast - 07 December

Tuesday, Dec 06 2016
GBP/USD Daily Forecast - 07 December

Focus in the UK remains on Brexit as Supreme Court rulling has entered into second day. The UK will have to reach a Brexit deal by October 2018, according to the EU's chief negotiator for Brexit. Michel Barnier told reporters that "time will be short" for negotiations because the proposed deal needed to be ratified as part of the two year process set to be triggered in March. He said the UK could not "cherry pick" on issues such as the single market. Earlier, UK Prime Minister Theresa May told the BBC she was aiming for a "red, white and blue Brexit" for the UK. Speaking at a press conference in Brussels, Mr Barnier said a taskforce of 30 people had been set up to make sure the EU would "be ready" when Article 50 was called.

In the US session Trade Balance figures were released. The U.S. trade deficit recorded its biggest increase in more than 1-1/2 years in October as exports of soybeans and other products fell, suggesting trade would be a drag on growth in the fourth quarter. The Commerce Department said on Tuesday the trade gap rose 17.8 percent, the largest increase since March 2015, to $42.6 billion. Higher imports due to rising domestic demand also contributed to the widening of the deficit. When adjusted for inflation, the deficit rose to $60.3 billion from $54.2 billion in September.

 

Tomorrow, from the UK, Industrial Production figures will be released. Analysts anticipate 0.2% increase. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

Industrial Production (Wednesday 10:30)

Last modified on Wednesday, 07 December 2016
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