6 Jan 2014
GBP/USD declines on choppy trading
FXstreet.com (London) - GBP/USD has fallen in chopping morning trading ahead of UK services PMIs. The pair is currently trading at USD1.6353.
Weather risks for UK PMI
It is expected that the UK will show improvements over last month’s services PMI print, recouping some of the 0.25 point drop to 60.0. Consensus expectations are for a print ay 60.5, however there is potential for downside should the effects of the severe weather and floods in the latter part of December filter through to the results.
Later today, US data releases are expected to show a further strengthening of the US economy, lending support to the Federal Reserve’s decision to taper its monthly asset purchases.
Consensus expectations are for a rise in the US ISM non manufacturing index from 53.9 to 54.6 in December. It is also expected that November US factory orders rose 1.7 percent, recouping 0.9 percent falls in October.
GBP/USD down
GBP/USD opened the day at USD1.6408, rising to USD1.6416. The pair fell to USD1.6360, regaining some ground to its current USD1.6353, down 0.3 percent on the day.
Weather risks for UK PMI
It is expected that the UK will show improvements over last month’s services PMI print, recouping some of the 0.25 point drop to 60.0. Consensus expectations are for a print ay 60.5, however there is potential for downside should the effects of the severe weather and floods in the latter part of December filter through to the results.
Later today, US data releases are expected to show a further strengthening of the US economy, lending support to the Federal Reserve’s decision to taper its monthly asset purchases.
Consensus expectations are for a rise in the US ISM non manufacturing index from 53.9 to 54.6 in December. It is also expected that November US factory orders rose 1.7 percent, recouping 0.9 percent falls in October.
GBP/USD down
GBP/USD opened the day at USD1.6408, rising to USD1.6416. The pair fell to USD1.6360, regaining some ground to its current USD1.6353, down 0.3 percent on the day.