GBPUSD Fundamental Outlook


Investors and traders are today focused on the U.S. economic data. While that is ongoing, we give you the 28 December GBPUSD Fundamental Outlook.

28 December, OctaFX –A steady stream of US economic data will headline an otherwise uneventful day for the global financial markets on Thursday. Trade volumes are expected to remain muted ahead of the new year.

Separately, the Department of Labor will issue its weekly report on jobless claims at 12:30 GMT. The number of Americans filing for first-time unemployment benefits is expected to fall by 5,000 to a seasonally adjusted 240,000 for the week ended 22 December. Continuing claims, which reflect the number of people still receiving unemployment benefits, is expected to fall to 1.9 million in the period ended 15 December.

A report on wholesale inventories will also be released at 13:30 GMT. Inventory levels are forecast to rise 0.4% month-on-month following a 0.5% drop the month before.

Later in the morning, ISM-Chicago Inc. will release the December edition of the Chicago purchasing managers’ index (PMI). The monthly gauge is forecast to show a drop to 62.5 from 63.9 in November.

28 December GBPUSD Fundamental Outlook

The Cable traded at nearly two-week highs on Wednesday as the dollar declined across the board. The GBP/USD is still holding 1.3400, with key resistance levels expected at 1.3450 and 1.3500.

Disclaimer

This article about 28 December GBPUSD Fundamental Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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