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GBP/USD Daily Forecast – 02 August

Tuesday, Aug 01 2017
GBP/USD Daily Forecast – 02 August

Yesterday's session was marked by UK Manufacturing PMI figures. The rate of improvement in UK manufacturing operating conditions accelerated for the first time in three months at the start of the third quarter. This was highlighted by the seasonally adjusted Markit/CIPS Purchasing Managers’ Index® 50.0 (PMI®) rising to 55.1 in July, up from 54.2 in June. The headline PMI was boosted by stronger inflows 38.0 of new work, higher levels of production, improved job creation, longer supplier delivery times and a slight increase in inventory holdings.

In the US session ISM Manufacturing PMI data was published. The July PMI® registered 56.3 percent, a decrease of 1.5 percentage points from the June reading of 57.8 percent. Comments from the panel generally reflect expanding business conditions, with new orders, production, employment, backlog and exports all growing in July compared to June, as well as supplier deliveries slowing (improving) and inventories unchanged during the period.

 

Tomorrow's session will bring UK Construction PMI figures. Analysts anticipate decline to 54.3. In the US session ADP job data will be published. Increase by 187,000 is forecasted.

 

Figures to watch:

 

Building Approvals (Wednesday 3:30)

ADP Non-Farm Employment Change (Wednesday 14:15)

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