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GBP/USD Daily Forecast – 02 January

Friday, Dec 29 2017
GBP/USD Daily Forecast – 02 January

There were no data releases from the UK on Friday with focus on the upcoming 2018. Where does the UK economy stand heading into 2018? Economists James Knightley and James Smith at Dutch lender ING have compiled a handy "dashboard" showing the health of six key indicators in the economy. The indicators — inflation, consumer spending, hiring, wage growth, investment, and manufacturing — provide a reasonable snapshot of where things stand right now.

Perhaps the most interesting of ING's indicators is consumer spending. Consumers have been in recent years, the main drivers of Britain's economic growth, but Brexit has started to slow that story, and according to data released earlier this week, consumers are now more pessimistic about their personal finances than at any point in the last four years. "After a remarkable run in 2016, spending has slowed significantly as real wages fall. Shoppers remain cautious on non-essentials, which will keep a lid on growth as we head into the new year," Knightley and Smith write.

 

From the UK there will be no data releases on Monday, while on Tuesday Manufacturing PMI figures will be released. Analysts expect decline to 58.2. There will be no data releases from the USA.

 

Figures to watch:

 

Manufacturing PMI (Tuesday 10:30)

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