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GBP/USD Daily Forecast - 3 July

Monday, Jul 02 2018
GBP/USD Daily Forecast - 3 July

Yesterday’s session brought UK Manufacturing PMI figures. The performance of the UK manufacturing sector remained relatively subdued in June, especially when compared to the marked pace of growth seen before the turn of the year. Output growth moderated, to largely offset a mild acceleration in new order growth and improved job creation. The survey was conducted between 12-26 June. At 54.4 in June, the seasonally adjusted HIS Markit/CIPS Purchasing Managers’ Index® (PMI® ) was a tick above May’s downwardly revised reading of 54.3 (originally 54.4) and stands almost four points below the 51-month high reached in November last year.

In the US session ISM Manufacturing PMI figures were released. A measure of U.S. manufacturing activity surged in June likely as steel and aluminum tariffs caused disruptions to the supply chains, resulting in factories taking longer to deliver goods. The Institute for Supply Management (ISM) said on Monday its index of national factory activity jumped to a reading of 60.2 last month from 58.7 in May. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.

Tomorrow, from the UK, Construction PMI figures will be released. Analysts predict no significant change. There will be no major data releases in the US part of the session.

Figures to watch:

Construction PMI (Tuesday 9:30)

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