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UK Services PMI 58.7 in September – GBP/USD extends

An OK figure for the UK’s biggest sector:  Markit’s services PMI stands at 58.7 points. According to the institution, the PMIs reflect a growth rate of 0.8% in Q3, which is in line with previous quarters. However, the composite PMI is at a 6 month low. The new business component stands at 60.1 points.

It seems that markets were anticipating the small miss, as the pound lost ground towards the publication, but isn’t  extending its falls. Update:  GBP/USD now resumes its slide and hits 1.6080.

The services purchasing managers’ indicator was expected to slide from 60.5 to 59.1 points now, still reflecting very solid growth. GBP/USD was on the back foot towards the publication, sliding below 1.61.

This is the last and most important PMI: it is the UK’s biggest sector. Earlier, the manufacturing PMI fell short of expectations while construction beat them.

After a period of stability following the Scottish referendum reverberations, the pound stabilized and managed to withstand the  surge of the US dollar. However, in recent days the pound stayed behind and slid close to the 1.6050 fear level that was seen  around the referendum.

For more, see the GBPUSD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.