GBP/USD Daily Forecast – 05 January

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Monday, Jan 04 2016

Yesterday's session brought UK Manufacturing PMI data. The end of 2015 saw the rate of growth in the UK manufacturing sector slow further from the recent peak reached in October. At 51.9 in December, the seasonally adjusted Markit/CIPS Purchasing Manager’s Index slipped back towards its long-run survey average of 51.5. Analysts were expecting slight incline to 52.8. Over the final quarter as a whole, the average readings for the headline PMI, Output Index, New Orders Index, New Export Orders Index and Employment Index were all above their respective averages. However, averages over 2015 were in each case below those achieved in 2014.

In the US session, also, Manufacturing PMI figures were released. The December PMI registered 48.2 percent, a decrease of 0.4 percentage point from the November reading of 48.6 percent. Rise to 49.1 was anticipated. As was the case in November, 10 out of 18 manufacturing industries reported contraction in December. Contraction in new orders, production, employment and raw materials inventories accounted for the overall softness in December.

Tomorrow's session will be marked by Construction PMI figures. Analysts are anticipating incline to 56.3. There will be no data releases in the US session.

Figures to watch:

Construction PMI (Tuesday 10:30)

More in this category: « AUD/USD Daily Forecast – 05 January EUR/USD Daily Forecast – 05 January »

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