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GBP/USD Daily Forecast - 5 July

Wednesday, Jul 04 2018
GBP/USD Daily Forecast - 5 July

Focus of the yesterday’s session was on UK Services PMI figures. The UK economy has bounced back from a soft patch in the opening months of 2018, according to a closely watched survey of the services sector that showed stronger than expected activity last month. In the latest sign that bad weather held back the economy during the first quarter, the health check by the Chartered Institute for Procurement and Supply and IHS Markit reported the strongest growth in eight months.

The IHS Markit/Cips purchasing managers’ index rose from 54.0 in May to 55.1 in June, with reports of a robust and accelerated pick-up in activity. Any reading above 50 indicates that the sector is expanding. Ruth Gregory, a UK economist at Capital Economics, said it was possible the survey was underestimating the bounce-back in the economy because its findings did not include reports from retailing, where high-profile business failures were offset in recent months by falling inflation, the royal wedding and the recent fine weather.

There will be no major data releases from the UK tomorrow. In the US session ADP job figures, ISM Non-Manufacturing PMI and FOMC Meeting Minutes will be published. Number of employed is expected to increase by 177,000, Non-Manufacturing PMI should rose to 59.1, while FOMC Meeting Minutes would bring some volatility by the end of the session.

Figures to watch:

ADP Non-Farm Employment Change (Thursday 13:15)

ISM Non-Manufacturing PMI (Thursday 15:00)

FOMC Meeting Minutes (Thursday 19:00)

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