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Services PMI (MoM) (U.K.)

Steady Services in UK

Starts Wednesday, October 17, 2018 at 03:13
Updated Wednesday, October 3, 2018
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The service sector is the biggest sector in Britain by far. The service output has been pretty steady this year but it softened in last Spring as the British economy weakened at that period. Although, it has recuperated well during the Summer months. But this week, the construction report was pretty weak and with the Brexit heading towards a no deal scenario, the chances that the service sector comes out weak as well are pretty high, which would hurt the GBP further. 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
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Muted impact on GBP/USD. Looks like traders will wait for Nonfarm payroll before placing any trade.

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