GBPUSD jumped 50 pips after data showed that the UK services sector grew in September.
The Markit/CIPS Purchasing Managers’ Index (PMI) for services printed a reading of 60.3 in September which was in line with expectations.
Although this was a slight decrease from August’s near-seven-year high of 60.5, any reading above the 50 level shows expansion.
The UK service sector makes up more than three quarters of Britain’s output so the data is important. Meanwhile the outlook index is seen rising to 71.8 as businesses surveyed expect an even brisker trade in a year’s time.
“Growth is being led by financial services – linked in part to increased housing market activity – and the business sector,” said Chris Williamson, chief economist at Markit.
GBPUSD rose to $1.6233 a few minutes after the data, from a pre-data low of $1.6198.
GBPUSD jumped 50 pips after data showed that the UK services sector grew in September.
The Markit/CIPS Purchasing Managers’ Index (PMI) for services printed a reading of 60.3 in September which was in line with expectations.
Although this was a slight decrease from August’s near-seven-year high of 60.5, any reading above the 50 level shows expansion.
The UK service sector makes up more than three quarters of Britain’s output so the data is important. Meanwhile the outlook index is seen rising to 71.8 as businesses surveyed expect an even brisker trade in a year’s time.
“Growth is being led by financial services – linked in part to increased housing market activity – and the business sector,” said Chris Williamson, chief economist at Markit.
GBPUSD rose to $1.6233 a few minutes after the data, from a pre-data low of $1.6198.
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