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UK business activity growth remained sharp in July

Wednesday, Aug 05 2015
UK Services PMI fell to 57.4 in July, from 58.5 in June, missing expectations on decline to 58.1. However, figure signalled growth of activity for the thirty-first successive month, and at a rate that was broadly in line with the strong average over this sequence. That said, it was slightly weaker than the trends shown for both the first (57.6) and second (58.2) quarters of 2015.  
 
Growth of business activity remained sharp, despite easing slightly since June, and was in line with the trend pace over the past two-and-a-half years of continuous expansion. In contrast, new business rose at a faster rate, and growth of outstanding business resumed following June’s decline. The current sequence of job creation was maintained, albeit at a slower rate. Cost pressures remained historically weak, while firms raised their own prices at the strongest rate in five months. 
 
Data did not have any major impact on the markets with Sterling currently being traded at 1.5580 level. Pair is likely to find support around 1.5550 area and resistance above 1.5630 level. Later today, in the US session, ADP job figures and Trade Balance data is scheduled for a release.
More in this category: « Spanish Services PMI up, Italian down Private sector added less jobs than expected »

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