GBP/USD Daily Forecast - 06 January

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Monday, Jan 05 2015

From the UK, yesterday, Construction PMI figures were released. At 57.6, down from 59.4 in November, the seasonally adjusted UK Construction PMI signalled the least marked increase in construction output for 17 months. Analysts were predicting a smaller decrease to 59.2. That said, the latest reading was higher than the long-run series average (54.5) and well above the 50.0 value that separates expansion from contraction.

Sterling still remains on the downside, as it it is quite uncertain when BoE will raise its interest rates. At the moment we cannot expect that this will happen before the third quarter of 2015 as the beginning of the year will be marked by deflation concerns with inflation increasing by only 1.0% last month, but also with parliamentary elections that are scheduled for May.

Tuesday will bring UK Services PMI figures. Raise to 58.9 is anticipated this month. In the US session Services PMI data is scheduled for a release. Analysts forecast decrease to 58.2.

Figures to watch:

Services PMI (Tuesday 10:30)

ISM Non-Manufacturing PMI (Tuesday 16:00)

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