Skip to content

We want to clarify that IG International does not have an official Line account at this time. We have not established any official presence on Line messaging platform. Therefore, any accounts claiming to represent IG International on Line are unauthorized and should be considered as fake.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Look Ahead 22/08/23: UK public sector borrowing; US home sales; Macy’s earnings

UK public sector net borrowing figures and CBI industrial trends orders will be released on Tuesday 22 August. Investors will be watching US home sales and API crude oil inventories, reports IGTV’s Angela Barnes.

Video poster image

(Video Transcript)

GBP climb against EUR halted by joblessness, low sales

Hello, I'm Angela Barnes from IGTV with your Look Ahead to Tuesday, 22 August 2023. In economic news, we will get the UK public sector net borrowing figures at 7am. We will also get the latest Confederation of British Industry (CBI) industrial training orders at 11am.

If we pull up the euro/pound sterling chart, the pound has struggled over the past few weeks since retreating from recent highs. The pound/euro exchange rate went up by more than a percent last week following higher than expected UK inflation and wage growth, also boosting expectations of another interest rate increase from the Bank of England.

However, sterling's progress was halted by rising unemployment and a fall in July's UK retail sales, and UK data ahead could prove pivotal to the pound. Meanwhile, for the euro, limited economic data has influenced a cautious market stance.

US home sales expected to drop

Moving on to the US, where we will have existing home sales at 3pm on Tuesday. The consensus is that July sales will be down by 0.5% month-on-month. Looking at the US dollar basket charts here, the index extended late Friday's pullback after a five-week uptrend. Mixed concerns about Federal Reserve Chair Jerome Powell's speech at Jackson Hole will be watched very closely this week as well.

Mostly upbeat US data has allowed the greenback to remain firmer, keeping an eye on that and other currency spreads, of course, in addition to the pound/dollar in the course of the week.

Oil price on the rise

Moving on to commodities now and oil, so US crude and Brent, both slightly higher today. Actually WTI is now at 0.52%, trading at $81 a barrel. And in the US this week on Tuesday we'll have at 9.30pm the latest API crude oil inventories as well, which we'll be watching very closely.

As I said, oil up again today. Since the beginning of August, US crude is actually down about 0.45%. China demand concerns have been weighing on the minds of the investors. However, supply concerns from the likes of Saudi Arabia and the extended output cuts into September have also been supporting prices.

In other news, on the corporate front in the US, we will also have third-quarter results from Toll Brothers and Q2 results from retailers Urban Outfitters and Macy's as well. Well, that's your Look Ahead to Tuesday, 22 August. Thank you very much for watching IGTV.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

Find out more

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off
Log in now

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform
Log in now

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Take advantage

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.