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UK Services PMI rises to 57.2 – a third beat

Markit’s forward looking PMIs provide good news to the UK economy.  The  largest sector, services, is  seeing accelerated activity with 57.1 points. The  employment component is up to 57.1 points, another good sign.

GBP/USD is ticking up to 1.5180.

The purchasing managers’ PMI for the services sector in the UK was expected to edge up from 55.8 to 56.6 points in January. The services sector is by far the largest in the US.

GBP/USD traded relatively steadily at around 1.5160.

This is the last of 3 PMIs. The previous two, for the manufacturing and the construction sectors came out better than expected.

Cable managed to escape the 1.50 level thanks to stronger PMIs and also thanks to a big squeeze in the US dollar.

The Bank of England convenes tomorrow and no change in policy is expected.

More:  GBP/USD: 1.38 is the new target; staying short – Morgan Stanley

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.