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GBP/USD Weekly Forecast - 12 March - 16 March

Sunday, Mar 11 2018
GBP/USD Weekly Forecast - 12 March - 16 March

Events that marked the week:

Monday'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.

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.

 

This week markets will be looking at:

 

Annual Budget Release (Tuesday 12:30)

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