U.K. Services PMI missed market forecasts

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Wednesday, Mar 04 2015

U.K Services PMI recorded 56.7 in February, compared to January’s 57.2. Analysts were expecting no change. Growth has now been registered for 26 months in a row, and the latest reading remained comfortably above the survey average (data have been collected continuously since July 1996).

Companies overwhelmingly commented that the latest increase in activity was the result of a rise in new business amid evidence of a pick-up in general market conditions. Advertising and promotional activities were also reported, helping to support the fastest increase in new business recorded by the survey for three months. A number of companies commented that sales were, at times, large in nature, and that there was growth from both domestic and international markets.

Data did not have any major impact on the markets with Sterling currently being traded around 1.5340 area. Pair is likely to find support around 1.53 level and resistance above 1.5380 area. Later today, in the US session, ADP job figures and Non-Manufacturing PMI data is scheduled for a release.

More in this category: « Italian Services PMI unchanged in February Eurozone Retail Sales up by 1.1% »

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