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GBP/USD Daily Forecast – 05 September

Monday, Sep 04 2017
GBP/USD Daily Forecast – 05 September

Yesterday's session brougt UK Construction PMI figures. August survey data indicated that the UK construction sector continued to experience a slowdown this summer. Reduced levels of commercial work were a key source of weakness, which offset robust growth in residential building. There were also signs of a sustained soft patch ahead, with new business volumes falling for the second month running. Survey respondents linked subdued demand to reduced business investment and heightened economic uncertainty.

As a result, construction firms exerted greater caution in terms of their staff hiring, with employment numbers rising at the slowest pace since July 2016. At 51.1 in August, the seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index remained above the 50.0 no-change threshold for the twelfth month running. However, the latest reading was down from 51.9 in July and pointed to the weakest overall UK construction performance since August 2016. A key reason for the slowdown was a lack of new orders to replace completed projects, according the survey respondents.

 

Tomorrow's session will bring UK Services PMI figures Decline to 53.5 is expected. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

Services PMI (Tuesday 10:30)

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