Market Updates: UK Service Sector Crosses Above 50 - Forex News by FX Leaders

Market Updates: UK Service Sector Crosses Above 50

Posted Friday, May 3, 2019 by
Arslan Butt • 1 min read

As per the recent release, the UK service providers reported a surge in business activity during April. Thereby indicating a recovery to growth following the marginal drop seen through the previous month.

However, the rate of increase was only small. Employment figures were broadly stable during the recent survey period, with companies reporting that higher wage costs and weaker sales had led to cautious staff hiring policies.

With that, the Services PMI is showing a surge from 48.9 to 50.4 which is now supporting the Sterling & related pairs.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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