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GBP/USD Daily Forecast – 03 August

Wednesday, Aug 02 2017
GBP/USD Daily Forecast – 03 August

 

From the UK, yesterday, Construction PMI figures were published. Adjusted for seasonal influences, the IHS Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) dropped from 54.8 in June to 51.9 in July, to signal the weakest construction performance since August 2016. The latest reading was below the long-run survey average (54.5) and pointed to only a moderate pace of business activity growth.

In the US session, ADP Employment Change data was released.  Private sector employment increased by 178,000 jobs from June to July according to the July ADP National Employment Report. “Job gains continued to be strong in the month of July,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “However, as the labor market tightens employers may find it more difficult to recruit qualified workers.”

 

Tomorrow's session will bring UK Services PMI figures. Analysts predict increase to 53.6. However, focus of the session will be on BoE's interest rate decision and inflation report. In the US session Unemployment Claims and Non-Manufacturing PMI figures will be published. Unemployment Claims are expected to decrease to 242,000, while Non-Manufacturing PMI should fall to 56.9.

 

Figures to watch:

 

Services PMI (Thursday 10:30)

Official Bank Rate/MPC Official Bank Rate Votes/BOE Inflation Report (Thursday 13:00)

Unemployment Claims (Thursday 14:30)

ISM Non-Manufacturing PMI (Thursday 16:00)

More in this category: « AUD/USD Daily Forecast – 03 August EUR/USD Daily Forecast – 03 August »

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