UK services PMI stands at 58.2 points, reflecting continued strong growth. Markit’s services PMI for the UK was expected to edge lower to 58 points in February from 58.3 in January. The services sector is by far the largest in the United Kingdom.
GBP/USD was trading around 1.6675 before the publication. It is now extending the gains seen before the publication, but the moves are somewhat limited – the result was within expectations.
While manufacturing PMI came out within expectations, the construction PMI disappointed with a drop from the extreme highs.
GBP/USD is trading at 1.6690. Cable traded in a wide range of 1.6620 to 1.6770 in the past few days. For more, see the Pound dollar forecast.
This is the last of a series of 3 purchasing managers’ indices. The Bank of England convenes for its rate decision tomorrow, but this could certainly turn into a non-event, especially as this specific European Central Bank decision gained a lot of traction.
