Foreign exchange markets will be eyeing the release of service sector PMI data for guidance on whether or not the British Pound's recent sell-off should be extended.
The Pound about turned and sank lower against a basket of comparable rivals during the morning session in London Thursday after the all-important services sector PMI fell much further than was expected for the month of March.
The Pound is rangebound in early London trade on Thursday, January 4 but markets could spring to life on the release of the all-important services PMI due at 09:30.
Tuesday’s data comes alongside heightened uncertainty for the Pound after PM May's last-ditch effort to move Brexit negotiations onward fell apart in Brussels Monday.
The deterioration of the all-important services sector in August could now mean concerns for the economy become more broad-based.
Pound Sterling was bid higher on Thursday, August 3 following the release of better-than-forecast service sector data.
The biggest data release of the week for Pound Sterling comes on Wednesday, July 5 in the form of UK services PMI figures.
Yes this is election week, but we will be watching the release of Service PMI data from IHS Markit and the CIPS at 09:30 on Monday.
UK economic data has been strong this week, but Pound Sterling has shown little inclination to react.
Foreign exchange markets will be watching the outcome of the release of UK service sector PMI data due for release at 09:30 on Wednesday, April 5.
Pound Sterling exchange rates will take a cue from the release of data concerning the all-important UK services sector on Friday, March 3.
This is the big one - the services PMI tends to have more of an impact on markets because the service sector accounts for more than 80% of the UK economy.
Services PMI data released on Monday November 5 caps the strong start to the month for UK Economy and ensures 2016 will end on a positive note.
Pound Sterling nudged higher on Thursday October 3rd following the release of better-than-forecast Services PMI data from Markit and the CIPS.
Despite GBP falling yet further on Wednesday we are hearing increased chatter that the sell-off is potentially now overdone. But a trigger is required to stimulate any kind of recovery.
The new week kicks off with market focus turning to the release of the IHS Markit and the CIPS Services PMI.
For GBP, the focus in mid-week trade will be the outcome of the release of the Service PMI reading from Markit and the CIPS.
The GBP/EUR pair declined on Friday after Manufacturing and Services PMI for both the UK and Eurozone, were released and the UK data underperformed.
The British pound is mixed on Friday as the UK’s all-important service sector continues to grow despite the impending June 23rd EU referendum.
The Bank of England will surely have to take note of the fact UK prices are rising at a rate that is subduing economic growth.
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