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GBP/USD Daily Forecast – 06 June

Monday, Jun 05 2017
GBP/USD Daily Forecast – 06 June

Yesterday's session brought UK Services PMI figures. There were positive developments in terms of cost pressures during May, with the latest survey pointing to the least marked rise in input prices since September 2016.  This resulted in a moderation in output charge inflation from April’s near-nine year peak. The headline seasonally adjusted IHS Markit/CIPS Services PMI® Business Activity Index registered 53.8 in May, to remain above the 50.0 no-change value for the tenth consecutive month. However, the index dropped from 55.8 in April and signalled the slowest expansion of service sector output since February.

In the US session Non-Manufacturing PMI data was published. The NMI® registered 56.9 percent, which is 0.6 percentage point lower than the April reading of 57.5 percent. This represents continued growth in the non-manufacturing sector at a slightly slower rate. The Non-Manufacturing Business Activity Index decreased to 60.7 percent, 1.7 percentage points lower than the April reading of 62.4 percent, reflecting growth for the 94th consecutive month, at a slower rate in May. The New Orders Index registered 57.7 percent, 5.5 percentage points lower than the reading of 63.2 percent in April.

 

There will be no major data releases both from the UK and USA tomorrow, so we can expect a bit steadier session.

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