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GBP/USD Daily Forecast - 05 January

Friday, Jan 02 2015

From the UK, on Friday, Manufacturing PMI and Net Lending to Individuals figures were released. UK Manufacturing PMI edged lower to 52.5 in December, down from 53.3 in both October and November, missing forecasts on incline to 53.7.The average PMI reading over the final quarter as a whole (53.0) was only slightly below that in the prior quarter (53.1), but nonetheless the weakest growth outcome in a year-and-a-half.

Separate report on Net lending to individuals showed increase by £3.3 billion in November, beating market expectations on £2.6 billion increase, and compared to the average monthly increase of £3.0 billion over the previous six months.  The three-month annualised and twelve-month growth rates were both 2.4%.

 

In the US session Manufacturing PMI data was released as well. The December PMI registered 55.5 percent, a decrease of 3.2 percentage points from November’s reading of 58.7 percent. Analysts were anticipating a smaller decrease to 57.6. The New Orders Index registered 57.3 percent, a decrease of 8.7 percentage points from the reading of 66 percent in November. The Production Index registered 58.8 percent, 5.6 percentage points below the November reading of 64.4 percent.

 

Monday will bring UK Construction PMI figures. Analysts are forecasting. There will be no data releases in the US session.

 

Figures to watch:

 

Construction PMI (Monday 10:30)

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