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UK Services PMI rose to 53.5

Friday, Jun 03 2016
The UK service sector continued to expand in May, according to the latest PMI survey data from Markit and CIPS, but the rate of growth was one of the weakest seen over the past three years. The rate of expansion nevertheless picked up from April’s 38-month low, and expectations for activity over the forthcoming 12 months strengthened.  Where firms held positive outlooks for activity, this was partly dependent on the outcome of the forthcoming EU referendum, uncertainty surrounding which was found to have adversely affected over one-in-three companies. 
The Business Activity Index rose to 53.5 in May, from April’s 38-month low of 52.3, indicating a slightly stronger rate of growth in UK services output. Analysts were expecting smaller increase to 52.5. Activity has risen every month since January 2013. That said, growth remained weak both in the context of the current upturn and the historic survey trend. The index has averaged 55.2 since it was first compiled in July 1996. 
 
Sterling is currently being traded few points above 1.4430 level. Pair is likely to find support around 1.44 handle and resistance above 1.4520 level. Later today, in the US session, NFP, Trade Balance and Non-Manufacturing PMI figures are scheduled for a release.
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