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GBP/USD Daily Forecast – 01 August

Monday, Jul 31 2017
GBP/USD Daily Forecast – 01 August

Yesterday, from the UK Net Lending to Individuals data was released. Net secured lending ticked up to £4.1 billion in June, slightly above its recent average. Approvals for house purchase were little changed in June at 64,684, around 4,000 lower than in January. Approvals for remortgaging ticked up to 44,548 in June, similar to numbers seen earlier in the year. The flow of consumer credit fell slightly to £1.5 billion in June, and the annual growth rate ticked down to 10.0%.

In the US session Pending Home Sales figures were released. The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March. Lawrence Yun, NAR chief economist, says the bounce back in pending sales in most of the country in June is a welcoming sign.

 

Tomorrow Manufacturing PMI data will be released from the UK. Small increase to 54.4 is anticipated. In the US session ISM Manufacturing PMI figures will be released. Analysts predict decline to 56.4.

 

Figures to watch:

 

Manufacturing PMI (Tuesday 10:30)

ISM Manufacturing PMI (Tuesday 16:00)

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