GBP/USD Fundamental Forecast – May 31, 2016

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Published: May 30, 2016, 10:34 UTC

The GBP/USD gave back 40 points to trade at 1.4598 as traders booked profits on the UK Summer Bank holiday. The coming week will see a scattering of

GBP/USD Fundamental Forecast – May 31, 2016

The GBP/USD gave back 40 points to trade at 1.4598 as traders booked profits on the UK Summer Bank holiday. The coming week will see a scattering of economic announcements, with the focus of sterling investors likely to be reserved for PMI and house price index results for May.

In the former category, Wednesday will bring the UK manufacturing PMI for the month while Thursday and Friday will respectively bring the construction and services results.

House price data will also be scattered over the mid to late week, with Wednesday featuring the nationwide house prices outcomes and Friday featuring the Halifax house price index results.

While further hawkish commentary from members of the Federal Open Market Committee (FOMC) could offer additional support to the US Dollar markets are expected to place more importance on upcoming ecostats.

Of particular importance will be the April Personal Consumption Expenditure Core figure and the May Non-Farm Payrolls report, which could prompt more pronounced ‘Greenback’ volatility.

FxEmpire provides in-depth analysis for each asset we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.

Upcoming Economic Events that you should be monitoring:

Tuesday, May 31, 2016

Cur.	Event	Actual	Forecast	Previous
NZD	ANZ Business Confidence (May)			6.2
AUD	Building Approvals (MoM) (Apr)		-3.0%	3.7%
AUD	Current Account (Q1)		-19.5B	-21.1B
AUD	Private Sector Credit (MoM) (Apr)		0.5%	0.4%
EUR	CPI (YoY) (May)		-0.1%	-0.2%
EUR	Unemployment Rate (Apr)		10.2%	10.2%
USD	Core PCE Price Index (MoM) (Apr)		0.2%	0.1%
USD	Core PCE Price Index (YoY) (Apr)			1.6%
USD	Personal Spending (MoM) (Apr)		0.6%	0.1%
CAD	GDP (MoM) (Mar)		-0.1%	-0.1%
CAD	GDP (QoQ) (Q1)			0.2%
CAD	GDP Annualized (QoQ) (Q1)		2.9%	0.8%
USD	S&P/CS HPI Composite – 20 n.s.a. (YoY)		5.1%	5.4%
USD	Chicago PMI (May)		50.6	50.4
USD	CB Consumer Confidence (May)		96.0	94.2