Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
UK Services Sector Boosts PMI Data Just as PM Plans to Remove Covid Restrictions

UK Services Sector Boosts PMI Data Just as PM Plans to Remove Covid Restrictions

Richard Snow, Analyst

IHS Markit Composite (FLASH) PMI Accelerates in February

  • 60.2 (Actual) vs 55 (Expected)

Customize and filter live economic data via our DaliyFX economic calendar

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Richard Snow
Trading Forex News: The Strategy
Get My Guide

Private sector output expanded the most over the last eight months, led by a strong recovery in consumer spending on leisure, travel and entertainment. Early Omicron disruptions have subsided significantly and news that UK Prime Minister Johnson plans to scrap Covid restrictions as part of a “living with Covid” strategy, allowing the UK to achieve a swifter exit from the pandemic than other developed nations, could further support Sterling.

European PMI Mostly Positive

Earlier this morning, PMI data out of Germany showed a miss in manufacturing PMI with a beat in services PMI, resulting in a positive composite (weighted average of the two figures) PMI print. France witnessed better than expected prints in both departments with particularly strong services data at 57.9 vs the expected figure of 54.

Market Reaction:

The Pound hardly reacted to the positive news, perhaps symptomatic of the indecision in financial markets as a result of the unresolved geopolitics surrounding Ukraine. GBP/USD largely flat after the release but somewhat higher in the lead up to the data.

GBP/USD 5 Min Chart

Source: IG, prepared by Richard Snow

Trade Smarter - Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

--- Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX

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

DISCLOSURES