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British Pound Dips as UK Service PMI Misses Expectations

By David Maycotte
06 January 2014 09:45 GMT

Talking Points

-UK Services PMI gauge Unexpectedly Fell in December

-Service-Sector Activity Growth Has Now Slowed for 2 months

-British Pound Fell vs. US Dollar Following PMI Data Release

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The UK Services PMI gauge unexpectedly fell to 58.5 in December, missing expectations of a print at 60.3 and inching lower from the 60.0 outcome recorded in November. The outcome marked the second consecutive slowdown in service-sector activity growth. The British Pound declined as the data crossed the wires as traders considered the implications of ebbing momentum in the largest sector the UK economy. The move lower was short-lived however: details of the PMI report showed the pace of service-sector hiring hit another record high, which markets probably saw as supportive considering the BOE is now targeting the unemployment rate as its key policy variable.

British_Pound_Dips_as_UK_Service_PMI_Misses_Expectations_body_Picture_1.png, British Pound Dips as UK Service PMI Misses Expectations

Charted created by David Maycotte using Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to dmaycotte@FXCM.com.

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06 January 2014 09:45 GMT