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GBP/USD Weekly Forecast - 30 April - 4 May

Saturday, Apr 28 2018
GBP/USD Weekly Forecast - 30 April - 4 May

GBP/USD had another downbeat week, falling to the lowest in two months. PMI data stands out in the busy week. UK GDP came out at 0.1% q/q and 1.2% y/y, far worse than expected. Blaming the weather did not work and the pair fell sharply. IT was not only a pound plunge story: US bond yields shot higher, with the 10-year Treasuries crossing the 3% level and the USD followed higher. Everything went against cable.

Major events in the coming week:

  1. Manufacturing PMI: Tuesday, 8:30. The first of Markit’s forward-looking indices. It then stood at 55.1 points and is now expected to tick down to 54.9.
  2. Net Lending to Individuals: Tuesday, 8:30. Expected a drop from 5.4 billion to 4.9 billion in April.
  3. M4 Money Supply: Tuesday, 8:30. The amount of money in circulation has surprisingly dropped by 0.3% in February after expanding beforehand. It is now expected to rise by 0.2% in for March.
  4. Mortgage Approvals: Tuesday, 8:30. The official level of mortgage approvals dropped to 64K in February, yet it is still within the averages. Another slide to 63K is on the cards.
  5. BRC Shop Price Index: Tuesday, 23:01.
  6. Construction PMI: Wednesday, 8:30.
  7. UK Services PMI: Thursday, 8:30. The services sector is the largest in the UK. The figure fell to 51.7 points in March, indicating a major slowdown. A bounce to 53.3 points is expected in April.

(All times are GMT)

More in this category: « GBP/USD Weekly Forecast - 23 April - 27 April AUD/USD Weekly Forecast - 30 April - 4 May »

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