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UK Services PMI in line with market expectations

Wednesday, Nov 04 2015
UK  Services PMI rose for the first time since June, to 54.9 from 53.3 in September. This was in line with market forecasts.The latest figure was broadly in line with the long-run survey average of 55.2, and indicative of a strong overall rise in business activity at service providers. That said, the rate of expansion was still the second-weakest since May 2013. Moreover, the 12-month outlook for activity was the weakest in two-and-a-half years. Input price inflation slowed to one of the weakest rates of the past six years, and charges levied by service providers rose only marginally. 
 
The PMI surveys brought welcome news of faster economic growth at the start of the fourth quarter. The three surveys collectively indicated that the rate of economic growth rebounded in October from the two-and-a-half year low seen at the end of the third quarter. A faster rate of expansion in service sector activity accompanied the steep upturn in manufacturing growth and robust construction sector growth reported earlier in the week.  
 
Sterling is currently being traded around 1.5430 area. Pair is likely to find support around 1.5360 handle and resistance above 1.5480 level. Later today, in the US session, ADP job figures, Trade Balance data and Janet Yallen testimony are scheduled for a release.
More in this category: « Euro lower despite solid Services PMI data Private sector added 182,000 jobs, ADP reports »

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