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GBP/USD Daily Forecast - 12 March

Sunday, Mar 11 2018
GBP/USD Daily Forecast - 12 March

Focus of the Friday's session was on UK Industrial Production figures. In January 2018, total production was estimated to have increased by 1.3% compared with December 2017; mining and quarrying provided the largest upward contribution, increasing by 23.5% due mainly to the re-opening of the Forties oil pipeline. Compared with December 2017, manufacturing output in January 2018 was estimated to have increased by 0.1%; this was the ninth consecutive period of growth and is the first time this has occurred since records began in February 1968.

US session was marked by Non-Farm Employment report. Total nonfarm payroll employment increased by 313,000 in February, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported.Employment rose in construction, retail trade, professional and business services, manufacturing, financial activities, and mining. In February, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.75, following a 7-cent gain in January. Over the year, average hourly earnings have increased by 68 cents, or 2.6 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 6 cents to $22.40 in February.

 

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

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