GBP/USD Rises as UK Services PMI Beats Expectations

05 October, 2017, 00:58 | Author: Barbara Daniel
  • Orders boom for factories boosts hiring in eurozone

IHS Markit's services purchasing managers' index picked up modestly to 55.3 from the 55.1 level a month earlier, which was better than the market expected.

Growth in Germany's services sector accelerated to a six-month high in September, boosting overall private sector growth and giving Europe's largest economy momentum going into the fourth quarter. Any figure above 50 indicates growth.

Manufacturing and services PMI released in the United Kingdom this week indicate the British economy continues to expand at a moderate pace, easing concerns of a sharper slowdown or a recession as the Brexit uncertainty bites on growth.

Manufacturing activity remained unchanged in September compared with the level in August, although the sector witnessed some expansion during both months, according to a private sector survey.

The "price pressures will pour further fuel on expectations" that the Bank of England will raise interest rates soon, said Chris Williamson, chief business economist at IHS Markit.

Lacklustre demand across the United Kingdom dragged on the services sector last month, while Brexit uncertainty caused some firms to put major projects on ice.

Service sector firms also reported a decline in optimism towards their year ahead growth prospects.

"September saw a sustained expansion in the Indian manufacturing sector, supported by increases in both output and new orders", IHS Markit said in the survey release. Sales are forecast to grow 0.3 percent on month in August, in contrast to a 0.3 percent fall in July.

Purchasing Managers' survey from the United Kingdom and retail sales from euro area are due on Wednesday, headlining a light day for the European economic news.

The UK's combined composite PMI fell to a seven-month low of 53.6 in September, underscoring the sluggishness in the economy and raising doubts about the Bank of England's well signalled plans to raise rates in November.

UK GDP growth was just 0.3 per cent in the second quarter of 2017, according to the Office for National Statistics.

Meanwhile, the German DAX traded 0.06 percent higher at 12,909.75 by 09:10 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at 22.74 (higher than +75 represents bullish trend).

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