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Pound Climbs on a Continued Rise in UK PMI for Services

Pound Climbs on a Continued Rise in UK PMI for Services

2013-05-03 09:10:00
Benjamin Spier, Technical Strategist
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THE TAKEAWAY: UK PMI for services rises to 52.9, an eight month high -> Markit says likelihood of further QE falls -> Pound trading higher

The rate of expansion of the UK services sector has increased for the fourth straight month, according to Markit’s Purchasing Managers’ Index for April. The PMI for services was reported at 52.9, coming in at an eight month high and beating expectations for the PMI to remain at 52.4. A PMI reported above 50.0 indicates an expansion in sector activity.

The weighted average of the three UK PMI’s was 52.4 in April, up from 51.0 in March, and the UK economy avoided a triple dip recession and rose 0.3% in Q1 of 2013. Stronger economic expansion is Pound positive, as it removes pressure for the BoE to loosen monetary policy. “A broad-based improvement is becoming evident in the UK economy, greatly reducing the likelihood of the Bank of England seeing any need to increase its asset purchases in the immediate future,” said Markit Chief Economist Chris Williamson.

The better than expected PMI for services drove the Pound about twenty five points higher against the US Dollar in Forex markets. Resistance might next be seen by an 11-week high recently set at 1.5606, and support may be provided by the key 1.5500 level.

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GBPUSDDaily: May 03, 2013

Pound_Climbs_on_a_Continued_Rise_in_UK_PMI_for_Services_body_gbpusd.png, Pound Climbs on a Continued Rise in UK PMI for Services

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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