By ForexMansion.com
As of 08:00 GMT, the UK will release PMI manufacturing for the month of March, with expectations referring to an ease in expansion to 60.9 from 61.5 in February, to add more negativity to the outlook of British growth, especially in the first quarter, after the 0.5% contraction recorded in the fourth quarter, thereby the pound is predicted to show some bearishness in the case of a drop in the manufacturing gauge. The pound’s advance against the dollar over the past few months probably affected oversees sales which increase the likelihood of seeing a drop in manufacturing.
However, the spotlight will be on non-farm payrolls report which always has significant effect on movements in foreign exchange market, where expectations refer to further progress in the USlabor sector after the upbeat data showing that the private sector added 201,000 jobs in March. Thus, an improvement in the jobs report is expected to take the pair lower which may reverse the earlier advance of the pound witnessed this week.
At 12:30 GMT, non-farm employment is predicted to add 195,000 jobs in March whereas unemployment is set to steady at 8.9%, according to analyst’s forecasts.
Originally posted here
