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GBP/USD Daily Forecast – 04 May

Tuesday, May 03 2016

Tuesday brought UK Manufacturing PMI figures. UK Manufacturing PMI fell below the critical no-change mark of 50.0 for the first time since March 2013. At 49.2, from a downwardly revised reading of 50.7 in March, the headline index was dragged lower by lacklustre trends in production and new orders and declines in both employment and stocks of purchases. Analysts were predicting incline to 51.3.

The weakening performance of the manufacturing economy was mainly felt in the consumer and investment goods sectors, with both registering declines in production and new work received. Although the intermediate goods sector managed to sustain growth of output and new order inflows, rates of expansion were weaker than in the prior month.

 

As for tomorrow, from the UK, Construction PMI figures will be published. No change is expected. In the US session, ADP job figures and Non-Manufacturing PMI data will be published. Analysts are forecasting increase by 205,000 in private sector employment, while Non-Manufacturing PMI should rise to 54.9.

 

Figures to watch:

 

Construction PMI (Wednesday 10:30)

ADP Non-Farm Employment Change (Wednesday 14:15)

ISM Non-Manufacturing PMI (Wednesday 16:00)

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