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GBP/USD Weekly Forecast – 11 September – 15 September

Friday, Sep 08 2017
GBP/USD Weekly Forecast – 11 September – 15 September

Events that marked the week:

Monday's session brought UK Construction PMI figures. At 51.1 in August, the seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index remained above the 50.0 no-change threshold for the twelfth month running. However, the latest reading was down from 51.9 in July and pointed to the weakest overall UK construction performance since August 2016. A key reason for the slowdown was a lack of new orders to replace completed projects, according the survey respondents.

From the UK, Services PMI figures were released on Tuesday. At 53.2 in August, the headline seasonally adjusted IHS Markit/CIPS Services PMI® Business Activity Index registered above the 50.0 nochange value for the thirteenth consecutive month. However, the index dropped from 53.8 in July and signalled the slowest pace of business activity expansion since September 2016.

 

Friday's session was marked by UK Industrial Production figures. In July 2017, total production was estimated to have increased by 0.2% compared with June 2017, due mainly to a rise of 0.5% in manufacturing; the largest contribution to the rise came from transport equipment, which rose by 7.6%. The monthly increase within transport equipment was due to motor vehicles, trailers and semi-trailers, which rose by 13.7%, the strongest growth since March 2009; evidence suggested that the production of new models contributed to the growth.

 

This week markets will be looking at:

 

CPI/PPI (Tuesday 10:30)

Claimant Count Change/Unemployment Rate (Wednesday 10:30)

Official Bank Rate/MPC Official Bank Rate Votes/Monetary Policy Summary (Thursday 13:00)

More in this category: « AUD/USD Weekly Forecast – 11 September – 15 September EUR/USD Weekly Forecast – 11 September – 15 September »

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