GBP/USD Daily Forecast – 02 February

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Monday, Feb 01 2016

From the UK, yesterday, Manufacturing PMI data was published. The start of 2016 saw a modest improvement in the rate of growth in the UK manufacturing sector. This was highlighted by the seasonally adjusted Markit/CIPS Purchasing Manager’s Index rising to a three-month high of 52.9, up slightly from 52.1 in December. No change was expected. The PMI has remained above the neutral 50.0 mark for 34 successive months. The UK manufacturing sector registered an uptick in its rate of expansion at the start of 2016, shrugging off a number of potential headwinds, ranging from global financial market volatility to localised flooding in the North of the country.

ISM In the US session, also, Manufacturing PMI figures were released. The January PMI registered 48.2 percent, an increase of 0.2 percentage point from the seasonally adjusted December reading of 48 percent. Analysts were forecasting increase to 48.6. Comments from the panel indicate a mix ranging from strong to soft orders, as eight of our 18 industries report an increase in orders, and seven industries report a decrease in orders.

From the UK, tomorrow, Construction PMI figures. Analysts are predicting decrease to 57.6. There will be no data releases in the US session.

Figures to watch:

Construction PMI (Tuesday 10:30)

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