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GBP/JPY binary signal - UK Manufacturing Production - 10 Jan 2018

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Signal details
Entry Price: 
151.95
Direction: 
Put
Expiry Time: 
21:00 GMT
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The UK's Office for National Statistics will be releasing the monthly manufacturing production data today at 09:30 GMT. The data will cover the manufacturing, production and construction output data for the month.

According to the economists polled, manufacturing production is forecast to rise 0.3% on the month. This marks a slight acceleration from 0.1% in the previous month. Construction output is forecast to rise 0.5% on the month. This would partly offset the 1.7% decline seen during the previous month. Finally, industrial production figures are expected to rise 0.4% after staying flat in the previous month.

The manufacturing, construction and industrial output data covers the period of the three months to November. Previously, most of the gains came from the increase in manufacturing output which rose 1.2% mostly from increased activity in the transportation equipment. This sector alone rose 2.5% only second to the 2.8% increase seen from manufacturing and repair. Energy supply however posted the biggest drag, falling 3.3% on the three months ending October 2017.

The output data comes after the PMI data from Markit showed a somewhat mixed bag. Manufacturing output surged in November and this could potentially be reflected in the manufacturing output results. Construction sector had declined according to the November PMI data and could potentially signal a weaker than expected reading.

Today's data is unlikely to move the markets much considering that the data is for the month of November. The UK's economy, according to the latest PMI data is expected to expand around 0.4% GDP on average for the fourth quarter.

We are trading GBPJPY, the currency pair has weakened on the back of a stronger Japanese yen. However, today's data from the UK can breathe some life into the British Pound in a short term.

We are looking to purchase daily Put options at 151.95 for a 21:00 GMT expiry time. We expect that with the currency pair trading at support, GBPJPY could be closing lower on the day.

binary options signal gbpjpy 10 Jan 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.