UK Services PMI fell to 55.5 in December

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Wednesday, Jan 06 2016

Service sector growth in the UK stabilised at a solid pace in December, according to the latest PMI survey data from Markit and CIPS. Total activity rose at a strong overall rate, supported by a sharp rise in new business. Employment increased at a robust pace, albeit the weakest in five months. That said, growth in recent months has been slower than in the first half of the year and when compared with the trend rates set in 2013-14.

Reflecting this, outstanding business continued to grow only modestly in December, and firms’ longer-term expectations for business activity were the weakest since early-2013. The current period of rising UK service sector output was extended to three years in December, as signalled by the Business Activity Index remaining above the no-change mark of 50.0. The index fell slightly to 55.5, from 55.9 in November, but remained just above the long-run survey trend level of 55.2, indicative of solid overall growth.

Sterling is currently being traded around 1.4630 handle. Pair is likely to find support around 1.46 handle and resistance above 1.47 level. Later today, in the US session, ADP job figures, Trade Balance data as well as FOMC Meeting Minutes are scheduled for a release.

More in this category: « Euro lower despite good Services PMI data Oil prices down on concerns of growth in China and a stronger USD »

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