The UK’s services sector is moving up: a score of 58.6 points is a good beat and reflects strong growth. GBP/USD is ticking higher, but seems unable to hold on to gains.
Markit’s purchasing managers’ index for the services sector was expected to score 56.6 points in November, similar to 56.2 points in October.
GBP/USD traded around 1.5650 towards the publication after dipping to lower ground earlier.
This is the third, last and most important of all PMIs, as the services sector is the UK’s largest.
Earlier in the week, we’ve seen a convergence of PMIs with another tick up in manufacturing and another slide in construction.
Perhaps the bigger event of today is the Autumn Statement by George Osborne, Chancellor of the Exchequer. Brits will be following changes to rules, and for us, forecasts for growth and unemployment are key for the next moves in the pound.
The Bank of England convenes tomorrow to decide on interest rates, and no change is expected.
For more, see the GBPUSD forecast.
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