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GBP/USD Daily Forecast – 06 December

Tuesday, Dec 05 2017
GBP/USD Daily Forecast – 06 December

From the UK, yesterday, Services PMI figures were released. Relatively subdued confidence was linked to heightened economic uncertainty and ongoing pressure on margins from sharply rising input costs. The seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 53.8 in November, down from 55.6 in October, but above the 50.0 no-change value for the sixteenth consecutive month. The latest reading signalled a solid increase in service sector business activity, but the rate of expansion was slightly slower than seen on average in 2017 to date.

In the US session ISM Non-Manufacturing PMI data was published. The November PMI registered 58.2 percent, a decrease of 0.5 percentage point from the October reading of 58.7 percent. Comments from the panel reflect expanding business conditions, with New Orders and Production leading gains, employment expanding at a slower rate, order backlogs stable and expanding, and export orders all continuing to grow in November. Supplier deliveries continued to slow (improving), but at slower rates, and inventories continued to contract during the period. Price increases continued, but at a slower rate. The Customers’ Inventories Index improved but remains at low levels.

 

There will be no major data releases from the UK tomorrow. In the US session ADP job data will be published. Increase by 189,000 is anticipated.

 

Figures to watch:

 

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

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