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"City" of London, Financial Center of Britain

Services PMI (MoM) (U.K.)

UK Services Resume the Bearish Trend

Starts Tuesday, December 18, 2018 at 17:16
Updated Wednesday, December 5, 2018
The service output has been pretty steady early this year but it softened in late Spring as the British economy weakened during that period. Although, it has recuperated well during the Summer months. This indicator slipped below the 54 level in September  but it remained close to the normal range as the number from September came at 53.9 PMI points, as shown in the report released at the beginning of October. Although, last month it declined to 52.2 points, softening along other sectors of the British economy, so there is a good chance that we might see another soft number this week. Please follow us for coverage of this event live and the impact it might have on the currency experienced market analysts.  

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About Services PMI (MoM) (U.K.)
The U.K. Services PMI is a statistic that measures the economic situation for the U.K. services sector. It is a key representation of aggregate sales and employment levels. In comparison to the Manufacturing PMI, the Services PMI does not impact GDP positively or negatively. PMI Services is released by two private information outlets: Markit Economics and the Chartered Institute of Purchasing and Supply.It is important to note that a value of 50 is the baseline for the Services PMI. Values above 50 are a signal of expansion, while below 50 indicates a slowdown. Market participants are partial to higher values, as this is evidence of sectoral growth.In terms of volatility, the Services PMI is a secondary metric for the U.K. Although the service industry plays a large role in the U.K.’s economy, the Services PMI release does not spike volatility in the GBP to the degree of a primary metric.

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Arslan Butt, Commodities & Indices Analyst Recent comment authors
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Arslan Butt, Commodities & Indices Analyst

Muted impact on GBP/USD. Looks like traders will wait for Nonfarm payroll before placing any trade.

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