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GBP/USD Daily Forecast - 05 March

Saturday, Mar 03 2018
GBP/USD Daily Forecast - 05 March

Friday's session brought UK Construction PMI figures. At the same time, strong input cost pressures were reported in February, with higher raw material prices, fuel bills and staff wages reported by survey respondents. At 51.4 in February, the seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) edged up from January’s four-month low of 50.2. This signalled a marginal increase in construction output during February, with the index also weaker than seen on average in 2017 (52.3).

In the US session Consumer Sentiment data was published. The University of Michigan's consumer sentiment index ticked down at the end of February, but remained at historically high levels. The latest reading came in at 99.3, slightly below the mid-month figure of 99.9. Consumer sentiment inched down at the end of February, but still exceeded expectations after shooting up in a mid-month reading. The University of Michigan's report on consumer attitudes about the economy slipped to 99.7 in February.

 

Monday's session will bring UK Services PMI figures. Slight increase to 53.3 is anticipated. In the US session ISM Non-Manufacturing PMI figures will be released. Decline to 58.9 is expected.

 

Figures to watch:

 

Services PMI (Monday 10:30)

ISM Non-Manufacturing PMI (Monday 16:00)

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