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GBP/USD Weekly Forecast - 05 February - 09 February

Saturday, Feb 03 2018
GBP/USD Weekly Forecast - 05 February - 09 February

Events that marked the week:

On Thursday, from the UK, Manufacturing PMI figures were released. The start of 2018 saw a further easing in the rate of expansion of the UK manufacturing sector. At 55.3 in January, the seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) was down further from November’s 51-month high and at its lowest level since June last year. That said, the PMI remained well above its long-run average of 51.7. The latest survey was conducted from 12-26 January.

Friday's session brought UK Construction PMI figures. The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index (PMI) posted 50.2 in January, down from 52.2 in December. The figure was just above the neutral 50.0 no-change mark, thereby signalling a fractional rate of growth that was the weakest for four months. The latest data signalled that the sector’s main driver of growth in recent months, house building, slipped into decline, ending a 16-month expansion.

 

This week markets will be looking at:

 

Services PMI (Monday 10:30)

BOE Inflation Report (Thursday 13:00)

Official Bank Rate/Monetary Policy Statement (Thursday 13:00)

Industrial Production (Friday 10:30)

More in this category: « AUD/USD Weekly Forecast – 29 January – 02 February EUR/USD Weekly Forecast - 05 February - 09 February »

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