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GBP/USD Daily Forecast - 2 July

Friday, Jun 29 2018
GBP/USD Daily Forecast - 2 July

Friday’s session brought UK Current Account figures. The UK’s current account deficit was £17.7 billion (3.4% of gross domestic product (GDP)) in Quarter 1 (Jan to Mar) 2018, a narrowing of £1.8 billion from a revised deficit of £19.5 billion (3.8% of GDP) in Quarter 4 (Oct to Dec) 2017. The UK’s current account deficit narrowed primarily due to a narrowing of both the trade deficit and the primary income deficit, partially offset by a widening of the secondary income deficit in Quarter 1 (Jan to Mar) 2018.

In the US session Consumer Sentiment data was released. Consumer sentiment jumped at the beginning of June, moving opposite of expectations and heading back toward levels seen earlier this year. The University of Michigan's Friday report on consumer attitudes about the economy hit 99.3 in a preliminary June reading, higher than the 98.3 expected by a survey of Reuters economists. The index was more than a point above May's reading of 98 and rose to its highest level since hitting 101.4 in March.

Monday’s session will be marked by UK Manufacturing PMI figures. Analysts predict decline to 54.1. In the US session ISM Manufacturing PMI figures will be published. Decline to 58.2 is predicted.

Figures to watch:

Manufacturing PMI (Monday 9:30)

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