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GBP/USD Daily Forecast - 06 February

Monday, Feb 05 2018
GBP/USD Daily Forecast - 06 February

Yesterday's session brought UK Services PMI figures. The UK services sector grew at its slowest pace in January since the aftermath of the EU referendum as the economy got off to a sluggish start in 2018. The latest health check of a sector that includes hotels, restaurants, transport and the City from IHS Markit and the Chartered Institute of Procurement and Supply (CIPS) found that a loss of clients and lingering Brexit uncertainty had led to a dip in activity. The monthly purchasing managers’ index from IHS Markit/CIPS fell from 54.2 points in December to 53.0 in January, its weakest since September 2016 and only slightly above the 50.0 cut-off point between expansion and recession.

In the US session ISM Non-Manufacturing PMI data was published. The NMI® registered 59.9 percent, which is 3.9 percentage points higher than the seasonally adjusted December reading of 56 percent. This represents continued growth in the non-manufacturing sector at a faster rate. The Non-Manufacturing Business Activity Index increased to 59.8 percent, 2 percentage points higher than the seasonally adjusted December reading of 57.8 percent, reflecting growth for the 102nd consecutive month, at a faster rate in January. The New Orders Index registered 62.7 percent, 8.2 percentage points higher than the seasonally adjusted reading of 54.5 percent in December.

 

There will be no major data releases both from the UK and USA tomorrow, so we can expect a bit steadier session. 

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