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GBP/USD Daily Forecast - 06 March

Monday, Mar 05 2018
GBP/USD Daily Forecast - 06 March

Yesterday's session brought UK Services PMI figures. UK service providers experienced a modest rebound in business activity growth during since May 2017. The seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 54.5 in February, up from 53.0 in January, to signal the strongest rate of service sector output growth for four months. Higher levels of business activity were attributed to the resilient economic backdrop and an associated upturn in new work.

In the US session ISM Non-Manufacturing PMI data was published. The NMI® registered 59.5 percent, which is 0.4 percentage point lower than the January reading of 59.9 percent. According to the NMI®, 16 non-manufacturing industries reported growth. The non-manufacturing sector reflected the second consecutive month of strong growth in February. The decrease in the Employment Index possibly prevented an even stronger reading for the NMI® composite index. The majority of respondents’ continue to be positive about business conditions and the economy.

 

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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