GBP/USD Daily Forecast – 06 January

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Tuesday, Jan 05 2016

Yesterday, from the UK, Construction PMI data was released. UK construction companies ended 2015 with a robust and accelerated expansion of overall business activity, thereby indicating a rebound from the slowdown recorded in November. The headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index registered 57.8 in December, up from a seven-month low of 55.3 in November. Analysts were anticipating smaller incline to 56.1. Higher levels of construction output have been recorded by the survey since May 2013, but the overall rate of expansion remained slightly weaker than seen on average over this period.

Tomorrow's session will be marked by Services PMI data. Analysts are forecasting decline to 55.6. In the US session ADP Employment Change, Trade Balance figures as well as FOMC Meeting Minutes are scheduled for a release. Private sector employment is expected to increase by 193,000, while trade balance deficit should remain relatively unchanged at $44.0 billion. FOMC Minutes from the meeting where interest rates were rose should bring additional volatility by the end of the session.

Figures to watch:

Services PMI (Wednesday 10:30)

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

Trade Balance (Wednesday 14:30)

FOMC Meeting Minutes (Wednesday 20:00)

More in this category: « AUD/USD Daily Forecast – 06 January EUR/USD Daily Forecast – 06 January »

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