17 Jan 2014
GBP/USD starts the session with choppy but bearish trading
FXstreet.com (London) - GBP/USD has started the day with choppy but bearish trading ahead of UK retail figures.
This morning’s UK retail figures are expected to see a 0.4 percent month-on-month rise, up 2.6 percent for the year while retail sales ex-fuel are expected to decelerate slightly to 0.3 percent from 0.4 percent in November.
We will also have the first speech of 2014 by a Bank of England MPC member when Ben Broadbent speaking at the London School of Economics at 12:15pm GMT on “The Balance of Growth.”
Focus on the real economy
While dollar direction have been driven heavily by second-guessing the Federal Reserve and its schedule for tapering its asset purchase programme, focus today will turn to the economy proper with US December industrial production and new residential construction reports. Expectation is for some slowdown, with December industrial production slowing to 0.3 percent month-on-month versus the 1.1 percent November print. However, we may see some uptick in the Michigan consumer sentiment index, with consensus expectations for 83.5 versus 82.5 in December.
GBP/USD is currently trading at GBP1.6328 in some choppy but bearish trading. The pair hit an early peak of GBP1.6347 before selling off.
This morning’s UK retail figures are expected to see a 0.4 percent month-on-month rise, up 2.6 percent for the year while retail sales ex-fuel are expected to decelerate slightly to 0.3 percent from 0.4 percent in November.
We will also have the first speech of 2014 by a Bank of England MPC member when Ben Broadbent speaking at the London School of Economics at 12:15pm GMT on “The Balance of Growth.”
Focus on the real economy
While dollar direction have been driven heavily by second-guessing the Federal Reserve and its schedule for tapering its asset purchase programme, focus today will turn to the economy proper with US December industrial production and new residential construction reports. Expectation is for some slowdown, with December industrial production slowing to 0.3 percent month-on-month versus the 1.1 percent November print. However, we may see some uptick in the Michigan consumer sentiment index, with consensus expectations for 83.5 versus 82.5 in December.
GBP/USD is currently trading at GBP1.6328 in some choppy but bearish trading. The pair hit an early peak of GBP1.6347 before selling off.