Forex Pros – Last week saw the pound tumble to a 3-week low against the U.S. dollar on Friday, amid fears that the global economic recovery is flagging after worse-than-expected U.S. economic data.
GBP/USD hit 1.5462 on Friday, the pair's lowest since July 27; the pair subsequently consolidated at 1.5529 by close of trade on Friday, shedding 0.38% over the week.
Cable is likely to find support at 1.5442, the low of July 27, and resistance at 1.5702, the high of August 16.
On Thursday, official data showed that U.S. jobless claims spiked to their highest level since November 2009, while separate data showed that the Philadelphia Fed manufacturing index tumbled unexpectedly in August.
Earlier in the week, official data showed that retail sales in the U.K. rose unexpectedly in July, while a separate report said that consumer price inflation rose in line with expectations in June.
Next week in the U.S., attention will turn to Federal Reserve Chairman Ben Bernanke, who is set to deliver a speech on U.S. economic outlook, while official data is due on GDP, initial unemployment claims, manufacturing production and home sales.
Meanwhile, the U.K. is to produce key data on GDP, as well as data on the country’s housing sector and industry data on retail sales.
Ahead of the coming week, Forex Pros has compiled a list of these and other significant events likely to affect GBP/USD.
Monday, August 23
In the U.S., President of the Federal Reserve Bank of Kansas, Thomas Hoenig is expected to speak.
Tuesday, August 24
The U.S. is to produce key data on manufacturing activity and existing home sales, a leading indicator of health in the housing market.
Meanwhile, the U.K. is expected to release industry data on mortgage approvals.
Wednesday, August 25
The U.S. is to produce key data on durable goods orders, a leading indicator of production, as well as data on new home sales. The country is also to produce a report on crude oil inventories.
Thursday, August 26
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of economic health.
Meanwhile, the U.K. is to release industry data on retail sales, a leading indicator of consumer spending. The country is also to publish industry data on house prices, a leading indicator of economic health.
Friday, August 27
In the U.S. the President of the U.S. Federal Reserve Ben Bernanke is set to give a speech on the economic outlook for the U.S. Meanwhile, the country is to release key data on GDP, the leading indicator of economic growth.
Also Friday, the U.S. is to release data on consumer sentiment and inflation expectations.
Meanwhile, Britain will end the week by producing key data on its GDP, as well as data on business investment, a leading indicator of economic health.
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On Thursday, official data showed that U.S. jobless claims spiked to their highest level since November 2009, while separate data showed that the Philadelphia Fed manufacturing index tumbled unexpectedly in August.
Earlier in the week, official data showed that retail sales in the U.K. rose unexpectedly in July, while a separate report said that consumer price inflation rose in line with expectations in June.
Next week in the U.S., attention will turn to Federal Reserve Chairman Ben Bernanke, who is set to deliver a speech on U.S. economic outlook, while official data is due on GDP, initial unemployment claims, manufacturing production and home sales.
Meanwhile, the U.K. is to produce key data on GDP, as well as data on the country’s housing sector and industry data on retail sales.
Ahead of the coming week, Forex Pros has compiled a list of these and other significant events likely to affect GBP/USD.
Monday, August 23
In the U.S., President of the Federal Reserve Bank of Kansas, Thomas Hoenig is expected to speak.
Tuesday, August 24
The U.S. is to produce key data on manufacturing activity and existing home sales, a leading indicator of health in the housing market.
Meanwhile, the U.K. is expected to release industry data on mortgage approvals.
Wednesday, August 25
The U.S. is to produce key data on durable goods orders, a leading indicator of production, as well as data on new home sales. The country is also to produce a report on crude oil inventories.
Thursday, August 26
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of economic health.
Meanwhile, the U.K. is to release industry data on retail sales, a leading indicator of consumer spending. The country is also to publish industry data on house prices, a leading indicator of economic health.
Friday, August 27
In the U.S. the President of the U.S. Federal Reserve Ben Bernanke is set to give a speech on the economic outlook for the U.S. Meanwhile, the country is to release key data on GDP, the leading indicator of economic growth.
Also Friday, the U.S. is to release data on consumer sentiment and inflation expectations.
Meanwhile, Britain will end the week by producing key data on its GDP, as well as data on business investment, a leading indicator of economic health.
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