GBP/USD: UK, US services PMIs released today

GBP/USD: UK, US services PMIs released today

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Risk Events: UK and US Services PMI
August 5, 2014Trading LogUmer Khan
UK Services PMI and US Non Manufacturing PMI are announced on Tuesday, August 5, 2014. Information about tomorrow’s announcement and historical data are provided below.

Announcement Time (GMT) Forecast Previous Actual Previous Forecast
UK Services PMI 8:30 AM 57.9 57.7 58.3
ISM Non Manufacturing PMI 2:00 PM 56.3 56.0 56.3

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Along with these two announcements, we also have the interest rate decision coming from the Reserve Bank of Australia which is Australia’s central bank; it is expected that the RBA will keep rates 2.5%.

UK’s figure is forecasted to have a 0.2 point increase over last periods though last month’s was overestimated, we may see a similar case here. The last time where our forecast was realized was in 2010. In 2013 we saw this figure move from below 50 to just over 62 before descending and holding around 58 where we currently are. A secure range would be 50 to 55 which seems to be where we are heading now.

ISM Non Manufacturing PMI forecast is expected to be the same as last month’s forecast though this time it is expected to increase by 0.3 points rather than remain the same. This figure has been increasing since March (excluding last month) and we have only seen this figure cross 56 one other time since 2011. We have observed a stable range of 51 to 58 since 2011 with an average around 54.
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