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Pound Little-Changed on Upbeat UK Services PMI

By David Maycotte
05 March 2014 09:53 GMT

Talking Points:

  • UK Service PMI 58.2 in Feb vs. 58.0
  • British Pound Litte-Changed After Data Crossed the Wires
  • Spotlight Now on This Week’s Bank of England Meeting

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UK service-sector activity came in stronger-than-expected in the month of February as activity and new business growth rates remain sharp, but the headline Business Activity Index is at the lowest reading since last June. UK Service PMI recorded 58.2 in February, beating estimates calling for a print of 58.0. The British Pound was little-changed following the release but the soft economic data may put downward pressure on the British Pound as it may direct attention to eroding BOE monetary policy bets, according to DailyFX strategist Ilya Spivak.

GBP/USD 5-Minute Chart. March 5, 2014

Pound_Little-Changed_on_Upbeat_UK_Services_PMI__body_Picture_1.png, Pound Little-Changed on Upbeat UK Services PMI

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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05 March 2014 09:53 GMT