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GBP/USD Daily Forecast – 04 July

Monday, Jul 03 2017
GBP/USD Daily Forecast – 04 July

Focus of yesterday’s session was on UK Manufacturing PMI figures. The end of the second quarter saw manufacturers report further expansions of both production and new order volumes. However, rates of increase decelerated, as growth of new business slowed in both the domestic and export markets. Price pressures continued to ease, with rates of inflation in input costs and output charges down further from highs reached at the start of the year. At 54.3 in June, down from 56.3 in May, the seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index posted its lowest reading in three months. However, the average PMI level over the second quarter as a whole (55.9) was the best registered for three years.

In the US session ISM Manufacturing PMI data was published. The June PMI registered 57.8 percent, an increase of 2.9 percentage points from the May reading of 54.9 percent. The New Orders Index registered 63.5 percent, an increase of 4 percentage points from the May reading of 59.5 percent. The Production Index registered 62.4 percent, a 5.3 percentage point increase compared to the May reading of 57.1 percent. The Employment Index registered 57.2 percent, an increase of 3.7 percentage points from the May reading of 53.5 percent. The Supplier Deliveries index registered 57 percent, a 3.9 percentage point increase from the May reading of 53.1 percent.

 

Focus of tomorrow's session will be on UK Construction PMI figures. Decrease to 55.2 is anticipated.  will be no data releases in the US part of the session.

 

Figures to watch:

 

Construction PMI (Tuesday 10:30)

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