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GBP/USD Weekly Forecast – 29 August – 02 September

Friday, Aug 26 2016

Events that marked the week:

On Tuesday, from the UK, only CBI Industrial Production data was published. CBI Industrial Production survey showed that 19% of businesses reported total orders to be above normal (compared with 18% in July), and 24% said orders were below normal, giving a balance of -5%. “It’s good to see manufacturing output growth coming in stronger than expected, and some signs that the fall in sterling is helping to bolster export orders. But the pound’s weakness is a double-edged sword, as it benefits exporters but also pushes up costs and prices.

Friday's session was marked by UK GDP data. UK gross domestic product in volume terms was estimated to have increased by 0.6% between Quarter 1 (Jan to Mar) 2016 and Quarter 2 2016, unrevised from the preliminary estimate of gross domestic product published on 27 July 2016. This is the 14th consecutive quarter of positive growth since Quarter 1 2013. Between Quarter 2 2015 and Quarter 2 2016, GDP in volume terms increased by 2.2%, unrevised from the previously published estimate. GDP in current prices increased by 1.6% between Quarter 1 2016 and Quarter 2 2016. GDP per head in volume terms was estimated to have increased by 0.4% between Quarter 1 2016 and Quarter 2 2016.

 

This week markets will be looking at:

 

Manufacturing PMI (Thursday 10:30)

Construction PMI (Friday 10:30)

Last modified on Friday, 26 August 2016
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