GBPUSD news - page 70
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GBP/USD: Sterling Steady Ahead of UK GDP Data The British pound was trading flat against the US dollar on Monday, ahead of fresh UK GDP data later in the morning.
Sterling was seen 0.02% weaker on Tuesday, trading at $1.5348 during the London session, ahead of UK Q3 GDP data.
"Having failed above 1.5500 last week, the pound has drifted back but appears to be caught in a sideways consolidation for now. It does appear to be finding some support near the 1.5300 area, trend line support from the September lows," Michael Hewson, chief market analyst at CMC Markets UK, wrote in a note on Tuesday.
From the greenback perspective, new US home sales unexpectedly dropped in September, experiencing the worst decline since July 2013. Sales of new one-unit homes plunged 11.5% to an annualized rate of 468,000 units in September, falling miles short of the 550,000 unit sales the market had predicted, fresh figures from the Department of Commerce showed on Monday.
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UK's Cameron: Non-EU Norway Not a Model for UK Speaking today in parliament during Wednesday's regular question and answers session, UK Prime Minister David Cameron dismissed calls from some euroskeptics, and anti-EU Conservative backbenchers, saying that Britain should follow the path of non-EU countries such as Norway.
"If we don't get what we need in our negotiations, I rule nothing out, but I do think it's important that, as we have this debate as a nation, that we are very clear about the facts and figures of the alternatives," Cameron said.
"Some people arguing for Britain to leave the European Union - not all people, but some people - have particularly pointed to the position of Norway, saying that is a good outcome. I would guard very strongly against that ... Norway actually pays as much per head to the EU as we do. They actually take twice as many per head migrants as we do in this country, but of course they have no seat at the table, no ability to negotiate."
"I'm not arguing that all those who want to leave the EU say they want to follow the Norwegian path, but some do, and I think it's very important in this debate that we are absolutely clear about the consequences of these actions," Cameron added.
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September 2015 UK mortgage approvals 68.900k vs 72.450k exp Details from the September 2015 UK BOE consumer credit and mortgage lending data report 29 October 2015
Disappointing that business lending took a dive after promising numbers last month
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GBP/USD forecast for the week of November 2, 2015 The GBP/USD pair initially fell during the course of the week, but found enough support at the 1.52 level to turn things back around and form a hammer. The hammer of course is a very bullish sign, and as a result it looks as if we are going to test the 1.55 handle. If we can break above there, we believe that the market continues to go much higher, perhaps reaching towards the 1.57 level. The meantime though, we think it will be easier to trade this market off of the short-term charts.
UK Preview: Surveys to Hint at Q4 Growth as BoE Rate Conundrum Persists BoE policymakers will most likely keep the policy unchanged in November, especially given the spooked market, pushing the first lift-off back all the way toward the second half of 2016 - early 2017. But some of the BoE rate-setters' recent comments indicate the rift over the outlook for inflation and growth has been widening, and this rift may sooner or later translate into a change in voting composition at the nine-strong Monetary Policy Committee (MPC).
Recently, it has been only Ian McCafferty voting for a rate hike between August and October this year, saying domestic costs had been firming enough to justify an immediate rate hike. Economists expect McCafferty to continue his stance in November. Other policymakers with hawkish views on inflation and growth, such as Kristin Forbes and Martin Weale, may join McCafferty in the months to come, if inflation picks up as they expect at the start of 2016.
On the other end of the spectrum is BoE chief economist Andrew Haldane and his notably hawkish view on inflation and growth. Deputy Governor Ben Broadbent is also "not one of those on the brink of voting for higher interest rates", given the subdued labor costs, which he recently argued had been too weak to return inflation back to the official target in the medium term.
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October 2015 UK Markit CIPS manufacturing PMI 55.5 vs 51.3 exp Details of the October 2015 UK Markit CIPS manufacturing PMI data report 2 November 2015
BOOM! A very good number for UK manufacturing which is up to a 16 month high. New orders at their highest since July 2014
GBPUSD knocking on the 1.5500 door
Markit says the data would be consistent with a quarterly growth rate of around 1%. Employment also grew, particularly among large scale producers
David Noble at CIPS enthused about the great pickup in exports;
"The sector rode on the crest of an exports market wave taking full advantage of the opportunity to create a surge of output growth and new orders.
Though domestically orders were still strong, it was export orders primarily from the Middle East, East Asia and the USA, that supported this expansion of work. Larger corporates were the overall winners more able to meet the demands of the overseas markets and employing more staff, as SMEs lagged behind with little change.
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