UK Services PMI at the highest level since August

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Wednesday, May 06 2015

UK Services PMI rose for the second month running in April to 59.5, from 58.9, signalling the fastest rate of service sector expansion since August 2014. Decline to 58.7 was forecasted. Activity in the sector has now risen for 28 successive months, the longest sequence of growth in seven years. The Index remained comfortably above its longrun average of 55.2 in the latest period.

Firms linked higher activity to new business wins, improving economic confidence and warm weather. Stronger expansion in services output. The volume of new business received by UK service sector companies also rose for the twentyeighth consecutive month in April. The rate of expansion was broadly in line with the robust average over this period. Firms reported successful marketing campaigns and a number mentioned large contract wins with major clients.

After the data Sterling was pushed higher and is currently being traded few points below 1.52 level. Pair is likely to find support around 1.51 handle and resistance above 1.5250 area. Later today, in the US session, ADP job figures are scheduled for a release.

More in this category: « Both Spanish and Italian Services PMI sector rose in April Private sector employment increased less than expected »

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