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UK Services PMI slips to 56.7 – GBP/USD slides

The services sector is growing at a slightly slower than expected pace in the UK: 56.7 points according to Markit’s PMI. They say it means a quarterly GDP growth rate of 0.6% in the first quarter of 2015.

GBP/USD is marginally lower, ticking down towards 1.5340, from above 1.5350 beforehand.

Markit was expected to report a services PMI score of 57.6 points for February, up from 57.2 seen in January.

GBP/USD traded around 1.5355 towards the publication. It did enjoy gains against the euro, which was on the back foot.

This is the third and last in the  series of purchasing managers’ indices for the UK. The services sector is the UK’s largest. Both the construction and the manufacturing PMIs came out just above expectations.

Tomorrow, the Bank of England convenes for its monthly rate decision. No change is expected.

More:  GBP/USD: False Break But Still Wedge-Like – Goldman Sachs

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.