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GBP/USD Daily Forecast – 03 January

Tuesday, Jan 02 2018
GBP/USD Daily Forecast – 03 January

Yesterday's session was marked by UK Manufacturing PMI figures. The UK manufacturing sector ended 2017 on a positive note. Although December saw rates of expansion in output, new orders and employment slow from November’s highs, growth in all three remained solid and well above long-run trends. The seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index® (PMI®) posted 56.3 in December, down from November’s 51-month high of 58.2.  The headline PMI has now remained above the 50.0 no-change mark for 17 consecutive months. The average reading over the final quarter of 2017 (57.0) was the best since the second quarter of 2014.

In the US session, also,  Manufacturing PMI data was published. December data indicated a marked improvement in US manufacturing operating conditions. The latest upturn was supported by faster increases in output and new orders, amid reports of greater client demand. The seasonally adjusted IHS Markit final US Manufacturing Purchasing Managers’ Index™ (PMI™) registered 55.1 in December, up from 53.9 in November. The latest index reading was the highest since March 2015 and signalled a solid improvement in the health of the sector. December data also rounded off the strongest quarterly performance since the start of 2015.

 

Tomorrow's session will bring UK Construction PMI figures. Analysts predict decline to 52.8. In the US session ISM Manufacturing PMI and FOMC Meeting Minutes will be published. No change is expected for Manufacturing PMI.

 

Figures to watch:

 

Construction PMI (Wednesday 10:30)

ISM Manufacturing PMI (Wednesday 16:00)

FOMC Meeting Minutes (Wednesday 20:00)

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