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GBP/USD Daily Forecast – 05 December

Monday, Dec 04 2017
GBP/USD Daily Forecast – 05 December

Yesterday's session brought UK Construction PMI figures. November data pointed to a moderate rebound in UK construction output, with business activity rising at the strongest rate since June. Adjusted for seasonal influences, the IHS Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) picked up from 50.8 in October to 53.1 in November, to remain above the 50.0 no-change value for the second month running. The latest reading was the highest for five months and signalled a solid rate of business activity growth across the construction sector.

In the US session Factory Orders data was published. New orders for U.S.-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy. Factory goods orders dipped 0.1 percent amid a drop in demand for both civilian and defense aircraft after an upwardly revised 1.7 percent jump in September, the Commerce Department said on Monday.

 

Tomorrow, from the UK, Services PMI figures will be published. Analysts predict decrease to 55.2. In the US session ISM Non-Manufacturing PMI data will be released. Decline to 59.2 is anticipated.

 

Figures to watch:

 

Services PMI (Tuesday 10:30)

ISM Non-Manufacturing PMI (Tuesday 16:00)

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