Good news from the UK: the services sector is growing at a rapid pace: a score of 60.5 points, reflecting strong growth.
GBP/USD is rising, but so far, not screaming. 1.6492 is the high so far.
Markit’s UK services purchasing managers’ index was expected to slide to 58.6 points in August after a very strong 59.1 points in July. The services sector is the UK’s largest.
GBP/USD traded at around 1.6475 before the publication, after the reports about a ceasefire between Ukraine and Russia was reported and up from the lows.
Earlier, the construction PMI surprised to the upside while the manufacturing PMI stumbled down. So, the composite PMI now stands at 59.3 points, better than 58.8 seen last month.
The Bank of England is expected to leave the interest rate unchanged in its meeting tomorrow, leaving the fireworks to the meeting minutes.
The pound was suffering due to the dollar rally and due to speculation about a delay in the first UK rate hike.
For more, see the British pound forecast.
