UK Services PMI fell to 52.3 in April

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Thursday, May 05 2016

UK service sector growth weakened in April, according to the latest PMI survey data from Markit and CIPS. The rate of expansion slowed for the third time in the past five months, to the weakest since February 2013. Although new business growth picked up slightly, it remained relatively subdued and business optimism was the joint-weakest in over three years. Firms commented on prevailing economic uncertainty, partly linked to the forthcoming referendum on EU membership.

The latest survey data also signalled the strongest upward pressure on input prices since January 2014, linked to the introduction of the national living wage. The Business Activity Index fell from 53.7 to 52.3 in April, the lowest since February 2013 and indicative of only a muted rise in services output. No change was expected. In comparison, the index has averaged 55.2 since its inception in July 1996. That said, the current 40-month sequence of uninterrupted growth is the second-longest registered over the survey history.

Sterling is currently being traded few points above 1.45 level. Pair is likely to find support around 1.4450 handle and resistance above 1.4550 level. Later today, in the US session, Unemployment Claims figures will be released.

More in this category: « Australian Retail Sales rose 0.4% Euro lower in an uneventful Thursday trade »

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