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GBP/USD Daily Forecast – 04 January

Tuesday, Jan 03 2017
GBP/USD Daily Forecast – 04 January

Yesterday's session brought UK Manufacturing PMI figures. The UK manufacturing sector ended 2016 on a positive note. Rates of growth for production and new orders in December were among the best seen over the past two-and-a-half years. Companies benefited from stronger inflows of new work from both domestic and overseas clients, the latter aided by the boost to competitiveness from the weak sterling exchange rate. The seasonally adjusted Markit/CIPS Purchasing Managers’ Index rose to a 30-month high of 56.1 in December, up from 53.6 in November and well above its long-run average (51.5). The headline PMI has signalled expansion in each of the past five months.

In the US session ISM Manufacturing PMI data was released. American manufacturing expanded in December at the fastest pace in two years, reflecting firmer output and the biggest pickup in orders growth since August 2009. The Institute for Supply Management said Tuesday that its index increased to 54.7, the fourth straight advance, from 53.2 a month earlier. The median forecast in a Bloomberg survey called for 53.8. Readings above 50 indicate growth. The ISM’s measure of orders surged 7.2 points, while its gauge of prices paid for materials climbed to the highest level since June 2011.

 

Tomorrow, from the UK, Construction PMI and Net Lending to Individuals figures will be published. No change from last month's figures is anticipated. US session will be marked by FOMC Meeting Minutes, which should bring some volatility to the markets.

 

Figures to watch:

 

Construction PMI (Wednesday 10:30)

Net Lending to Individuals (Wednesday 10:30)

FOMC Meeting Minutes (Wednesday 20:00)

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