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UK Services PMI increased to 54.5

Thursday, Nov 03 2016
UK Services PMI increased to 54.5

The latest PMI survey data from IHS Markit and CIPS signalled that the dominant UK service sector moved up a gear at the start of the final quarter of 2016. The rate of growth of total business activity accelerated to the fastest since January, as did new business expansion. The sector continued to generate more jobs, albeit at a weaker rate than the average seen over the past three years.

Latest data also revealed a marked build up of inflationary pressures in the sector, linked to the weak pound. The UK Services Business Activity Index remained above the no-change mark of 50.0 for the third consecutive month in October, indicating a continued recovery in growth following a contraction in July linked to the EU referendum. Moreover, the Index rose to 54.5, from 52.6, signalling the fastest expansion since January.

 

Sterling is currently being traded around 1.24 handle. Pair is likely to find support around 1.2350 area and resistance above 1.2450 level.

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