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GBP/USD Daily Forecast - 22 March

Sterling was pushed lower in the course of the yesterday's session breaking below 1.44 handle. This is just an extension of Friday's pullback. Focus of tomorrow's session will be on UK CPI figures. Weaker than expected data would push pair back to 1.43 handle, while better than forecasted figures would cause rise towards 1.45 handle, where we can expect significant amount of resistance. Read more...

GBP/USD Daily Forecast - 22 March

From the UK, yesterday, CBI Industrial Orders Expectations figures were released. According to the latest CBI survey 20% of firms reported total order books to be above normal, and 34% said they were below normal, giving a balance of -14%, in line with market forecasts. This was just above average (-15%), and similar to January (-15%) and February (-17%). Rain Newton-Smith, CBI Director of Economics, said: “March has been a mixed month for the UK’s manufacturers. Whilst total order and export books remained steady, a drop in output reflected some volatility in the food and drink sector. Reassuringly, manufacturers expect a swift turnaround in activity.” Read more...

CBI Industrial Orders Expectations survey showed balance of -14%

According to the latest CBI survey 20% of firms reported total order books to be above normal, and 34% said they were below normal, giving a balance of -14%, in line with market forecasts. This was just above average (-15%), and similar to January (-15%) and February (-17%). Read more...

GBP/USD Daily Forecast - 21 March

There were no data releases from the UK on Friday. Markets are still being influenced by UK job figures and recent BoE stanzas regarding monetary policy. UK labour market figures showing a meagre rise in wages and the bleak assessment of the outlook for the UK from the Office for Budget Responsibility as revealed by the Chancellor George Osborne are kept in mind by policymakers. Most economists now predict interest rates will not rise until 2017, although some have suggested the Bank could instead cut them further at some point amid worsening economic conditions at home and in the rest of the world as markets continue to be in turbulence and oil price to fall.

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