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GBP / USD
On Tuesday, the British pound was reduced by 150 points. The main reason for the significant loss was the massive decline in Manufacturing PMI for April, showing the figure at 53.9 against 54.9 in March, revised in turn from 55.1. The low manufacturing PMI was recorded since December 2015. The loan volume in the United Kingdom went down. The number of issued permits for mortgage lending in March amounted to 63 thousand against 64 thousand in February (a decrease for the second consecutive month and the volume of April 2015). The net volume of personal loans amounted to 4.2 billion pounds sterling, which is the lowest volume since August 2016. Also, the monetary unit M4 showed the greatest contraction since April 2014 by -1.4%. The deal was completed because of growth in the dollar index, along with the overall pessimistic assessments of the trade deal with the EU and the increased possibility of new US war with Iran.
Today, the business activity index in the construction sector (Construction PMI) for April will be released, with an optimistic forecast at 50.5 versus 47.0 in March. The US expects a positive figure for the growth of new jobs in the private sector from ADP, and the forecast for April is 200 thousand. At 7:00 PM London time, the FOMC decision on the monetary policy will be released.
We are waiting for the pound sterling at 1.3510.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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